Looking at the hourly here and you can see we are coming to a decisive moment. The uptrend started in April is intact and has been validated by the two highlighted blue areas. To maintain this uptrend we would need to violate the downtrend line that has been dominating the past few months. A confident break of this line should result in a powerful rally. In theory, we could trade sideways for another few days, but the trading range would have to stay within a few hundred dollars. Given the growing adoption of BTC, the introduction of institutional platforms such as Bakkt, and the simple fundamentals of supply and demand, I expect the price to break to the upside.
Keep an eye on it because a breakout or breakdown is imminent!!
Keep an eye on it because a breakout or breakdown is imminent!!