Hello dear Steemians!
Let me share my view on Bitcoin's current situation, according to the Technical Analysis that I use.
Recently the price of Bitcoin has been hovering near the psychological level of $ 10'000 per one digital coin. At the moment BTC/USD pair is trading at the level of $ 10'029 on the crypto exchange Bitfinex.
Approximately 3 months ago, or in the second half of June, the price of Bitcoin reached levels close to $ 14'000 per one digital coin and formed a local high on the price chart of BTC/USD. Since then the price of BTC/USD has been fluctuating within a descending channel on 1-day time frame (and hence we have a Bullish Flag formation):
At the moment the price of Bitcoin is fluctuating near the upper line of the channel.
According to the theory of Technical Analysis (TA), the Bullish Flag is considered to be a trend continuation pattern:
So, the question is: Do you think the price of Bitcoin will be able to break through the upper line of the Descending channel and renew the uptrend?
I am still not sure about it. That's why I will wait for a real breakout on the price chart of BTC/USD.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last over 13 years, and as a cryptocurrency analyst for the last 2,5 years.
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency trades, investments and etc.