Considering Formation, if flag pole initalised, triggers the next leg which will cross over/under Dynamic indicator ($8200) and encounter large resistance to bounce back above, I strongly believe this price area is holding the entire crash.
(Trend Level ($6900).... as its "Never" been broken, why now..trader's waiting for long term buy/bargain)
That should well and truly end this Crypto defining downward trend channel and lead to eventual re-test of overall upward trend channel $12000 dependent on real .
So why is BTC sliding sideways, bull flag indicator, traders taking gains, price settlement, MA support, Spinning top indecision, usually the simplest answer is correct.........
What we know is volume increase lately has been largely on coin trading platforms using USDT not FIAT exchanges (currently only GDAX and Bitfinex/KWR only FIAT) along with KYC rules implemented US/KWR/JPN, hard to see new applications exploding (previous 100000 per day), hence predicted low increase in new funds till greed sets in again.
So it may rely on the current market.......that being said investors with large funds who seemed to buy on the February rise, have seen little or no action from these wallets.
just my thought's 4 today.
We are coming up to some slow/sideways movement after seeing constant rise similar to that of the February 26th rise, McGinely Dynamic could play a role again in limiting the correction due to the impending 50/200 Daily Death Cross, this along with the previous crash, I believe would have taken some sting out of the potential drop.
Negative action from the moving average will put addition pressure to keep the price low but feel that to many supports have been built up with this $12000 - $7000 over this and previous periods, still break in clouds if rebound can get traction, first is volume.