Bitcoin: side trading still holds

Another week in a row, BTC continued to move in a channel which indicates sort of side trading. It seems that investors are still not ready to choose the trading side, in which sense, BTC continued to move in a range between 96K and 98K. There were short attempts to head toward the 100K but without success, and also toward the 94K at one moment, but it was also without success. A range still managed to hold, but the question is for how long it will manage to hold in the future period?

The RSI is showing exactly the mood of the market. By continuously moving below the level of 50, it shows that the market is not ready to take action on either side. At the same time, moving averages of 50 and 200 days are showing two parallel lines, without any indication that convergence might start anytime soon. The cross is certainly not in the store for some time in the future.

In technical analysis, a move within a channel is the indication that the market will soon break the channel toward one side. At this moment, it could not be anticipated whether the break will occur toward the up or down side. Another fact evident on charts is that the 92K holds as a strong support line. Currently, there are two scenarios which could develop on charts. One scenario includes a break toward the downside and the level of 92K. The second scenario would include a break toward the upside, where the first stop might be the level of 100K. Which scenario will prevail, we will see in the coming period.