Despite the fact that the triangle pattern on the RSI indicator was broken downwards, we still did not see significant activity from traders.
The current situation thus means only one thing and that is that the market continues to consolidate.
So what to monitor and what to focus on?
Since the triangle pattern we watched was broken, only the old well-known price areas remain in the game, especially the key support in the area of $ 28K - $ 30K and also the resistance at $ 42K - $ 43K.
Unless Bitcoin threatens the above-mentioned price areas with significant trading volumes in the market, nothing more will happen.
The declining volume on the BTC market also testifies to the fact that the market is becoming colder and without significant changes. If we look at the chart, we can see that BTC volumes have started to decline significantly since the beginning of July, and this trend continues.
Looking at external fundamentals, one of the more significant reports may be last week's announcement that BNY Mellon has entered into an agreement with Grayscale Investments.
From a market point of view, this means that the autumn period can be the period when the market will be active with increased volatility, also thanks to the launch of these services by BNY Mellon.
Important price areas:
- Resistance at $ 42K - $ 43K
- Resistance at $ 50K - $ 48K
- Key support in the area of $ 28K - $ 30K
- Next support at $ 22.5K