Red lines- trading range
Bitcoin is trading at the beginning of the year around $16,700. Price continues to trade sideways inside the trading range its been in since November. Price has made no real progress to the upside or downside. Despite Dollar weakness all of this time, while the Dollar index decline from 107.50 to 103, Bitcoin shows no signs of strength. Bitcoin is trapped between $15,600 and $18,000. The RSI has left the oversold territory and moves sideways as well. Medium-term trend remains bearish and our most probable scenario is for Bitcoin to exit the range to the downside.
