Bitcoin’s price has been consolidating in a tight range, giving no indication about whether it’s going to recover or experience a deeper correction. Figuring out whether there is an accumulation or a distribution happening would be key to determining the future direction of the market.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily chart, the price has been moving sideways since breaking below the $100K level, while also being supported by the $92K level.
While the RSI has been showing values below 50%, which indicates the momentum is bearish, the market still remains above the 200-day moving average, which is currently located at around the $80K mark. Yet, there is still the possibility of a deeper drop toward the $80K zone before a bullish continuation could be expected.
Source: TradingView
The 4-Hour Chart
Looking at the 4-hour chart, it is evident that the price has been creating a symmetrical triangle pattern, which is yet to be broken to eith
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