BTC/USD SHORT-TERM SIDEWAYS

28 באוג׳ 2020

If you look at the 1D chart and how the RSI is declining, it is easy to come into conclusion that the bull is losing its strength and the bear is in
control.

But that if you only look at the RSI solely. If we combine it with, the price trend itself, you can see the bull is still in control.
Why?
1. BTC uptrend begins in March and it will not end soon.
If you go hiking, you need to take rests and recharge your energy from time to time, then continue your march to the peak. And the bull is doing the exact same thing. The declining RSI is the sign of the bull need to rest and recharge.
2. The MACD is still preferred, the Bull.
I use MACD to identify the trend and seeing how it is still in bull area, I said in the HTF bull control the market.
3. BTC just passed its major resistance or I like to call it the "Red Zone."
BTC itself has made four major attempts to cross the "Red Zone" and it got killed in three attempts, and get across at the fourth attempt(current). Of course, it will lose its strength to continue its journey, and need a rest and recover its strength.

If this true, I say we would experience a sideways market formation again before BTC to make it the next move.