This is just for the purpose of Technical Analysis Study and not a suggestion to trade.
Looking at the recent price action on BTC, I would say that BTC is currently on a sideways phase because its trading in ichi cloud. At this juncture, price is in accumulation/distribution mode.
We dont know how long it will be in a sideways. This sideways direction also is known as trendless. Its difficult to trade during this sideways trend, for traders who trade using technical normally will not be that active in this sideways direction.
Traders at this juncture will be taking a wait and see strategy. A breakout above the cloud mean that price will go up. And, a breakdown the Cloud mean price will continue goin down.
A price in a cloud also seen as correction phase after going up. If A price breakout above cloud happen, its just suggesting that price will continue the previous trend.
Looking at price fall below the moving average suggest that price is currently on a downtrend. And that moving average level is now seen as its resistance.
The RSI moving down also suggest that the price is currently on a downtrend.
Dow theory says that a trend will continue until its stop and reverse. We will only know that trend might have been reverse when its making a new higher high and higher low.
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