Bitcoin continues to move sideways, remaining below $64,000.
It appears to be taking a breath over the weekend, and with the start of a new weekly candle tomorrow, it’s intriguing to see what shape it will take. If the week closes as it is now, it could end with a long lower wick in the form of a cross, potentially indicating an upcoming trend change.
However, there is still some time before the weekly chart closes, so it’s best to wait and see how it develops.
Bitcoin’s movement between the strong resistance line at $55,000 and $65,000 will likely depend on how the weekly candle closes.
I still predict a decline, just like yesterday.
The reason is simple. In this situation, the probability of a decline is higher than that of an increase.
Viewing Bitcoin charts is often like playing a game of finding patterns.
For a decline to occur, past data is more important than where the resistance and support lines are.
Past scenarios where Bitcoin has fallen or risen are crucial factors.
Previously, trading volume was a key focus, but with the proliferation of exchanges and the listing of ETFs bringing in external volumes, comparing trading volumes has become less important than observing trend flows.
Back when a single exchange had significant influence, reaching or not reaching moving averages, or breaking through them, led to significant price changes. However, with many exchanges now, these minor factors no longer have as much impact.
Therefore, it’s common to observe the direction and trend of at least two exchanges.
Today, there isn’t much excitement due to the lack of movement. Tomorrow, we’ll see if a decline occurs.
