BTC is moving inside a downtrend channel, and for the moment, is moving between support and resistance, what makes me believe that a big movement is about to happen.
To be honest, I believe that bears are in control and an ABC correction wave might be in place. If that is about to happen, then, this move will push the price to the 7800-7900 area. But...
My suggestion is to wait for a breakout and a confirmation of the breakout before you take a long or short position.
Until then I am neutral, but not for long anyway!
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