BITCOIN IS STUCK IN NO MAN'S LAND

Looking at the 1-hour chart, the thing that immediately stands out to me is that Bitcoin isn't really doing anything dramatic right now.
We've had a strong move from roughly $63,500 up into the $67,000 region, but since making that high, price has failed to push on and create a new leg higher. #bitcoin
Instead, we've spent the last day chopping around between roughly $65,500 and $66,800.
That's important because after a move this strong, you would ideally want to see buyers come in and immediately continue the trend.
Right now we're not really getting that.
What we're getting is indecision.
The good news for the bulls is that $BTC is still holding most of the gains from the breakout.
We haven't seen any aggressive sell-off back towards the $64,000 region, which suggests there are still buyers underneath the market.
The problem is that every push towards the highs is getting sold.
So for me, this isn't a chart where I'd be going aggressively long.
It's also not a chart where I'd be going aggressively short.
It's a chart where I'm waiting for the market to show its hand.
If Bitcoin can reclaim the recent highs around 67$67,200 and start holding above them, then I think the next leg higher becomes much more likely.
On the other hand, if we lose the recent support zone around $65,500, then I'd expect traders to start targeting the lower liquidity sitting beneath the market.
Right now, the market has spent nearly 24 hours moving sideways.
That's usually a sign that a bigger move is being prepared.
The only question is which direction it breaks.
#BTC