These past few days have been slow for BTC. She has been swinging in between the support and resistance for too long and is ready to breakout.
The RSI is at 45. When RSI <50 this indicates a market with more sellers than buyers. At this point BTC would need a sudden charge of a lot of volume to break upwards, but with these current conditions I do not see that happening anytime soon.
If we break downwards the next support is at around $5500 region, but if we get a massive dump this support could get broken easily.
BTC already tested the resistance 3x and could not break it, all the more reason to believe the volume will not be sufficient enough this time to go upwards.
I suspect this wave will last around 2-4 days before we will see some more action again.
The RSI is at 45. When RSI <50 this indicates a market with more sellers than buyers. At this point BTC would need a sudden charge of a lot of volume to break upwards, but with these current conditions I do not see that happening anytime soon.
If we break downwards the next support is at around $5500 region, but if we get a massive dump this support could get broken easily.
BTC already tested the resistance 3x and could not break it, all the more reason to believe the volume will not be sufficient enough this time to go upwards.
I suspect this wave will last around 2-4 days before we will see some more action again.