Bitcoin continues to trade between $35,000 and $39,000. Price has made no real progress over the weekend. Price remains trapped inside the bearish channel since Bitcoin's all time high. As we explained in previous posts, we continue to consider this sideways movement as a pause to the downward trend that started back in November.
Price is making lower lows and lower highs. Price is trapped inside the blue channel with resistance at $39,730 and support at $35,290. Bitcoin has shown no reversal bullish signal yet. The RSI has not provided us with any reversal signal also. Bears remain in control of the trend.
