The world’s leading cryptocurrency has been fluctuating between $7,440 and $8,100 from the last seven days. The move has established a strict $600-wide sideways pattern, which is offering day traders plenty of opportunities to enter and exit the market on smaller profits. The bulls so far have failed to secure a breach above $8,100, now a crucial resistance level of the sideways channel. At the same time, the bears have struggled to execute a similar action below $7,440.
Bitcoin Price Hinting Stable Action in Coming US Session | Image Credits: TradingView.com
The bitcoin price, for now, has entered a bias conflict zone, wherein its probability of trending sideways is growing higher in the absence of stronger volume. Traders are waiting for big whales to set the next course of bitcoin trend. But nobody exactly knows the direction the price would pursue: north or south.
Sideways is the New Bitcoin Bias
According to cryptocurrency analyst pseudonym, the Crypto Dog, it is wiser for small traders to park their funds into a stablecoin unless a big move decides the next bitcoin trend. The analyst said he is betting on the cryptocurrency to fall further towards $7,000 but is unsure about achieving the said target, anyhow.
“Patience will pay off, we’ll get a clear direction for the market soon enough.” said the Crypto Dog.
So far, so nothing. As exciting as today was, bulls haven't managed to secure a breach past a significant resistance. We're still much in the same boat as yesterday, more waiting… $BTC $BTCUSD #Bitcoin pic.twitter.com/E4kHi8kcZZ
— The Crypto Dog