Bitcoin looks extremely weak

This is the chart that traders don't openly talk about, an excessive buying pressure took the market by storm last week after a solid low moving deep into to 3000s, trading volumes have increased significantly due to the excess time every trader has thanks to the lock down in most sections of the world. Looking at our trusted PXI, we see a sell signal coming in a couple of hours ago. This was followed by a sloppy market leading to a drop as expected.

Currently, the bulls seem exhausted yet hold a clear power play above the $7000 level. We expect the price to oscillate between the given triangle and take a heavy dump before gaining some fuel for the next run up.

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