Just a cursory glance at the charts shows us that the sideways trading is drawing much closer to breaking through the downtrend lines that began last winter. If these can break through that line while range-bound, the chances of at least testing the 200-day MA would increase significantly.

Breaking down at this point, particularly with BTC, would mean a lot more pain ahead for all cryptos. Unfortunately, I don’t see anything positive on the horizon. So we likely won’t see any upside movement unless there’s just some random pumping in the works, which certainly isn’t out of the question.

I think we’ll continue trading sideways for a few more weeks, then likely see another leg down. How far that downward move goes is anyone’s guess, but there doesn’t appear to be much interest in cryptos at the moment.

The one saving grace that we might see: A pre-Christmas pump, but likely just short-lived.

I wouldn’t mind being wrong about any of this though.