Bitcoin is dormant, but probably not for much longer.
BTC/USD is lying dormant.
In the spirit of simplicity, this chart considers two features of the BTC/USD pair:
1. a parallel descending triangle showing a very weak pullback from the most recent break of 10k, and
2. an arrow below highlighting diminishing volume
The weakness of the pullback from 10k becomes clearer once we isolate volume or RSI levels.
The sentiment seems to be somewhere between absolute neutral and cautious optimism. Correlation to equities markets persists, but looks to be weakening. Rather than "cautious", I would call my own optimism "fragile."
Lastly, the source of what optimism I do maintain comes from the fundamental principle of scarcity. Although I do feel it is at risk due to the paper trading driving bitcoin's options markets, I feel it is still the engine driving the bitcoin narrative forward.
Note: *if we include wicks, it would be easy to make the case for a descending triangle, and an even larger parallel channel between 8500 and 10300. Either of these would only support my fragile optimism
as well as my claim that btc is virtually dormant. I don't expect this dormancy to last much longer.
Good luck.
In the spirit of simplicity, this chart considers two features of the BTC/USD pair:
1. a parallel descending triangle showing a very weak pullback from the most recent break of 10k, and
2. an arrow below highlighting diminishing volume
The weakness of the pullback from 10k becomes clearer once we isolate volume or RSI levels.
The sentiment seems to be somewhere between absolute neutral and cautious optimism. Correlation to equities markets persists, but looks to be weakening. Rather than "cautious", I would call my own optimism "fragile."
Lastly, the source of what optimism I do maintain comes from the fundamental principle of scarcity. Although I do feel it is at risk due to the paper trading driving bitcoin's options markets, I feel it is still the engine driving the bitcoin narrative forward.
Note: *if we include wicks, it would be easy to make the case for a descending triangle, and an even larger parallel channel between 8500 and 10300. Either of these would only support my fragile optimism
as well as my claim that btc is virtually dormant. I don't expect this dormancy to last much longer.
Good luck.
Comment:
#1. above should say descending **channel** rather than descending triangle.