BTC WEEKLY UPDATE- DECREASING VOLUMES AND VOLA = BEAR SIGN

Hello everybody,

we, myself also, tend to overcomplicate things. The secret is in simplicity, and a week in which btc did not move at all gives the possibility to stop for a moment and go back to the basics.

I have been bullish for the past weeks, but the more the price does not move, the less likely the scenario becomes.

So let's detach from my expectations and let's try to look at what the charts are telling us.

I will do other updates where I talk about other indicators and fundamental analysis, but this update will only simple-TA based.

What the chart is saying is that:
-we had 3 tops
-we are still within the retracement area from 14 to 4 (big red rectangle)
- we went higher, but no weekly close was above that area
-there has been no retracement from the rally strating at 4k (this retrace area is the small red rectangle)
- volumes are decreasing
- vola is decreasing as well
- volume clusters are at 6.8k (and a smaller one at 9.5)
- RSI is high and has room to fall further
- we have a bearish divergence (also a smaller bullish one tho)

All those signals are bearish. Especially when vola is down and volumes are too, the priority is downward. The DMI shows no particular trend at the moment.
The only positive signals are the small bullish divergence and the fact that we are still above the 8ma weekly (this week has still to end tho).
I expected a spike up, but btc seems not to have enough strengh now. It seems we can go through a summer of stagnation.

Simply put:
Below 9230 we will go down
Above 10070 I will be bullish

Since we are close to 9230 than to 10070 and probabilitie are in favour of a fall, let's sets set targets for a move down.

8000-7700
which is the common area between the two rectangles (again the 7700 level, which has been recurrent in my past analysis)

6800
which is the Point of Control of volumes and Dec 19 min (also in the retacement area of the last leg up).

Those big movements are great to be traded with Options.