On June 08, I thought Bitcoin was going to break lower from the bearish flag pattern. However, the close was not below the flag boundary. In fact, the next day, Bitcoin showed strength and was about to almost break upwards and nullify the bear flag pattern. The break upwards did not happen either and Bitcoin is still coiling in the bearish flag.
The RSI is giving me some glimmer of hope as it has started forming a trend upwards. However, there is an overarching downward trend line for the RSI as well, which adds weight to the bearish scenario, and this downward line will need to be broken for a clear buy signal.
The weekly chart does not have much to offer for the bulls either, except that 50 WMA seems to be support for now. Overall, I will still advise caution and recommend waiting for a clear signal before acting.
Lots of talk about the impending death cross i.e. when 50 DMA is declining and crosses the 200 DMA, implying a bearish trend. Ignoring this signal is the best strategy. To me, death-cross seems a more contrarian signal than confirmation or beginning of a trend.
In other important news, 90% of mining nodes have agreed to the taproot update. Soft-fork is expected in November, this year. It has been an important update that has been the talk of the town. For a layperson such as me, the things worth noting are that the taproot upgrade makes transactions cheaper, and makes the network more secure. I don't think I do any complex transactions for which I need more privacy etc. If you want to know more about the upgrade and have a better technical grip on cryptography, then this article will be useful. But then if you have that edge, you are more likely to already know about taproot and I would love to learn about and understand the upgrade better.