Sideways action persists in the crypto market as Bitcoin holds above $17,100

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Conditions in the traditional markets were slightly worse as stocks slid into the market close, which resulted in the S&P, Dow and Nasdaq all finishing the day in the red, down 0.7%, 0.9% and 0.7%, respectively. For the week, the S&P dropped 3.4%, the Dow fell 2.8%, and the tech-heavy Nasdaq fell 4%.

With precious few signals coming from the current charts to provide insight into what comes next for Bitcoin, Wyckoff suggested that “The direction in which BC prices break out of the present trading range will very likely be the direction of the next trending price move.” Overall, the consensus remains that Bitcoin is oversold and at a good spot for accumulation, which will continue to be the case until a meaningful breakout higher occurs.

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