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And it wasn’t just the crypto market that saw positive moves as the major stock market indices snapped a five-day losing streak to post positive gains despite ongoing concerns about continued interest rate hikes and the possibility of a recession. At the close of markets, the S&P, Dow and Nasdaq all finished in the green, up 0.75%, 0.55%, and 1.13%, respectively.
The current price action is providing little insight into what comes next for Bitcoin, meaning “The direction in which BTC prices break out of the present trading range will very likely be the direction of the next trending price move,” according to Wyckoff.
“This is a bearish sign because multiple closes below support, on the 4 hour time frame, suggests it will continue to fall,” he said. “In addition, there is a key upwards sloping trendline that, if broken, could give an additional indication that we could revisit the low of $15,600.”