Bitcoin markets continue to do almost nothing, as Friday was slightly positive but only just. The downtrend line remains in effect, just as the support underneath those. II don’t expect anything to happen anytime soon and I think short-term back and forth trading continues to be the way. If we break the downtrend line, as I have been saying for over a month now, we will probably go to the $7250 level. Otherwise, if we break down below the bottom and more importantly the $5800 level, I think we will probably drop to the $5000 level. In general, this is a market that is essentially where money went to die, as we are going nothing.
The longer this goes on, the more I’m convinced we may just see the market slide through the apex of the descending triangle, which could send this market sideways for an extended amount of time. If that’s the case, you may need a couple coffee as this market just isn’t going to do anything. For what it’s worth, the descending triangle measures for a move down to zero dollars, which I think is probably unlikely as well. Because of that, and the fact that we just can’t go anywhere, starting the think that the markets just simply going to sit here forever. Obviously that’s not actually going to happen, but it certainly feels like it. Long gone are the days of surging prices in the bitcoin market, and I think traders should get used to this type of action as it has become a more mature market. If you are looking to get rich, it’s not going to be here. Overall, we are just simply sitting and waiting.
