In last few weeks, we see a clear channel for BTC
in between 200 EMA
( upper limit ) and 200 MA ( lower limit ) as per weekly chart. In this bear market, we still don't see any catalyst to attract high volume
. This is a bad sign for crypto market. RSI
is also high as of now and it's nearing oversold area. This is similar to where BTC
stuck around $6xxx range for many weeks and BTC
dropped much. I think same thing will happen again in upcoming weeks. We will see new lower values like $2600 or even $1800.