[BTCUSD]: Quick update on the price action

Summary:

Bitcoin price has been in 6500-7200 range for quite a while now, we have seen price make a higher high recently but its still within the downward channel that was identified previously. Price is now at the top of the channel trying to break it, but volume is very low and there hasn't been any kind of moment or surge to support this breakout.

Keep an eye on the downward channel, unless this channel is broken we cannot look for any bullish indications or hope in near future. MACD is in the middle which can be turned either way at any time. we need to see a higher high breaking the channel with huge volume to get any kind of confidence in the bullish trend until then we are in sideways action.

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Disclaimer:

I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.