The 2300 area has proven to be very strong resistant many times in the past, but what is really interesting is how bitcoin continues to dance around it. In the meantime a huge penant has developed as the price continues to consolidate around this area, suggesting that the next move bitcoin makes will be energy packed and definitely worth betting on. As always during time of low , where big volumes appears first will dictate future moves.
relatively low trading volumes compared to recent times.
Trading remains elevated relative to longer time frames.
Long term trend remains somewhat as bitcoin below 200dma.
mid term trend remains neutral as bitcoin above 50dma.
short term trend neutral as bitcoin continues to oscillate around 2300
No real fundamental news.
Bitcoin start ups and infrastructure continue to expand
Bitcoin still has no clear direction: none particularly knows why they are buying bitcoin unless it is in hopes of getting rich or to transact with services they normally couldn't
transactions reach all time high while difficulty finally stalls. lower difficulty means miners might presumably be able to pay of expenses selling less bitcoins . Whether or not miners will continue to sell all their bitcoins as they are produced or possibly speculate with some on the side remains to be seen.
Shagnhai stock market has been setting up for a huge rally..might that diverge some funds away from chinese bitcoins into stock market.
Russian local bitcoin sales continue to surge. My thoughts are the majority are probably selling for US dollars, and possibly even keeping the dollars on an exchange to fight of rising and falling exchange rates and protect their wealth.
Overall I have no real bias. If I had to really really pick I'd choose to be long because I think bit coin has been selling off for quite a long time now and might see some mean reversion. Regardless I am standing still until I see some direction, and more importantly , out of this massive .