- BTC is trading at a macro resistance. - The momentum up is slowed down considerably. - Price tending to consolidate closer to the 21 daily EMA, possibly looking to test under the moving average to establish bullish strength. If not enough bullish strength is found, price will dump further.
Bullish:
- Price is potentially consolidating above resistance and trying to form a new massive support before a move up. - Price has been going sideways for a relatively longer period of time from previous time spent at highs ( making the current top potentially not the high. - Price is still above the 21 Daily EMA.
There are a plenty more cases for a bullish side and the bearish side at the current situation. We still hold a bias to the bearish side but the bullish arguments can not be ignored!