BTC don't over complicate your TA, long term analysis
Monthly volume steadily dropping and price action in a descending channel. In the last bull run, the volume at the bottom exceeded the volume at the peak ATH. So what is happening? ... Price didn't bottom yet!
We are near the upper resistance of the channel and in case of rejection, price will drop significantly. Where is the bottom? It is when the monthly RSI reaches 42%. There we must see a rise in volume.
I highly doubt price can break out of the descending channel. A breakout means price mooning which requires a lot capital that will reflect in the volume. Capital is not coming into bitcoin at the moment. Currently BTC dominance is waning, which will lend to a drop in price.
We are near the upper resistance of the channel and in case of rejection, price will drop significantly. Where is the bottom? It is when the monthly RSI reaches 42%. There we must see a rise in volume.
I highly doubt price can break out of the descending channel. A breakout means price mooning which requires a lot capital that will reflect in the volume. Capital is not coming into bitcoin at the moment. Currently BTC dominance is waning, which will lend to a drop in price.
Comment:
reached the lower rail faster than expected. Now it looks like it will bounce between the two rails.
