As we can see on the , the price is approaching the upper limit of the for the first time since more than a month ago (the 6th of January), while reaching the mid level of the long term . We can also see this was a "battleground" level just before the last dip, when the 0.618 Fib level was tested multiple times before. When we look at the indicators, we can see the is slightly while the and the DIs are leveled (meaning no trend present, just a 50-50 chance of going either way. is not the highest however is not very low either so the same "wait and see" approach. The market depth, again is 50-50.
All those signs point to an equilibrium level, almost the same like a month ago, level where the price lingered for more than a week, just before taking the plunge down to $6000.
The news are also pretty "quiet" with no major influencers on neither side (FUDs or Hypes).
In other words, now BTC and the entire crypto-market along with it is taking its breath after a very agitated period of two months of decline. What will follow, is anybody`s guess; with no major developments either from a technical point of view (like a major technological breakthrough that would confirm BTC is back in business as a currency / payment mean) or from regulatory point of view (like major acceptance / bans etc.) we can expect a sideways movement at least of BTC which in turn might prove as a favorable period for quick trades in the alts world.
Good luck all and thanks for watching.
PS.: Any ideas, comments, etc. are always welcome.
On the more fundamental side, the upcoming SigWit implementation which will open the door for the Lightning Network might need a few days / weeks to confirm the improved results. So, if successful, this might open the upside for BTC. Still we need more time to confirm the new trend which would become reality only after a breakout to the upside of the medium term down trend that started mid December.
Here is the "picture" as well: