For some days now the bitcoin kept experience price range on the market which was hovering around $45000- $47000 and it looked like a form of indecision on the market and it is a confusing state for many traders because they do not know which direction they should follow when trading on the bitcoin market.
If we look at the monthly chart carefully, the relative Strength index (RSI) is confirming the bullish candle on the current monthly chart but the MACD indicator is still displaying a weak volume of the bulls on the market and that could be the reason why there is a current range on the bitcoin market which made it to be ranging around some certain prices and not showing a clear direction..
The price action on the daily chart is showing that a bullish trend started but one cannot be certain if the bullish market will be on a long term or it will just occur for some hours before the rainging occurs on the market again..
It will be better for one to just wait and see how the daily and weekly chart will end in order to confirm the price direction of the bitcoin market but for now the market looks so bullish but one cannot be 100% sure because any fundamental news can turn everything around and go against the technical analysis which was made on the market...
