It's been boring for Bitcoin. Like really boring. After the massive Tether-related pump, crypto markets have been in a virtually horizontal state. But after the move a few days ago, are we back into crypto action?
The last 2 weeks have brought levels of low volatility not seen for over 2 years. However, if we do need to choose a side, we have to notice that the Daily 34EMA kept pushing us down, until finally Bitcoin succumbed to the pressure and went low again. But not as low as before, at least for now. We got saved again by what is turning out to be my favorite indicator for the last months.
That indicator is my purple line, the Weekly 89EMA. It's the center of gravity of the extended support box, and it has never allowed a weekly candle to close below it, at least not in recent memory. It seems to have saved us again, but for how long?
And more importantly, where will this bounce lead us? The last two weeks constructed a minor resistance barrier, and the last time we even scraped the main $6.8k resistance area was through the Tether thing.
We can be happy that we didn't crash to $6k, but is Bitcoin really alive? I'll just leave this chart to end it:
We've had the lowest monthly close since the bear market started. I don't want to sound pessimistic so I won't say anything more.
Good luck!
