The price action on bitcoin over the past few months has been quite interesting. It's like price is in this descending wedge that technically will cause it to put in lower lows and no new highs. This is kind of happening, while not happening.
It is a weird place for price action right now.
Looking at the daily chart above you can get an idea of what I'm saying.
The yellow trendline clearly shows price has been putting in lower lows while the rallies have not led to higher highs.
However, the most recent bounce went higher than the most prior rally to that one. This is followed by price bouncing off that key 60K area level that has been in play so much.
So like I said, not much clarity. It is like Bitcoin wants to go down but just isn't really going down.
Granted, one big sell off can change that whole narrative and price could see what would be the next stop on that yellow trendline somewhere in the high 40Ks, but that is a long way from here and price did just put in a higher low for the first time in a while last week.
Geez, I look forward to getting more clarity on trend sooner rather than later.
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