#BTC #Bitcoin #BTCUSD looking for a break up for now

with some evidence from volume and RSI, as noted on the chart. The Pump or Dump box is marked by indecision candles that have lasted over a relatively long period of time, compared to the historical price movement. Many people now appreciate this is a bear market, but may fail to see that the nuances of it may last longer than expected (both up/down). The higher relative volume dump recently did not bring prices as low as in early March (evidence of supply being absorbed). The second push lower, making new relative lows was on anemic volume, evidence of simply stop running down. Note this is a very common feature on multiple time frames in the current market and can be traded profitably. Based on the above, and especially the relative flatness of the past week, I would bet on an upside break. If it breaks lower, then the trend toward 4800s will accelerate - in this case, risk managing your long position will be important for catching either move.

On shorter time frames, bounces are restrained considerably. Also, chop is omnipresent (Bart Simpson head), so trade defensively. Thoughts above are mostly voided with a close under ~6500.