Bitcoin range bound

On both daily and weekly candle charts we can see how BTC has broken above its steep bearish trend line starting from last week when it first crossed this trend. However BTC is still greatly range bound. In CME futures the range is between $6,500 and $7,500. All things being equal I expect this range to contain current pricing for the next week to two weeks.

According to Tony Spilotro an analyst and writer at Bitcoinist, “Following the ruthless volatility experienced throughout the first quarter of the year in the stock market and Bitcoin, the recent price action has been boring by comparison.

However, according to past the price action during previous recessions and a tight correlation with the stock market, Bitcoin price could remain stagnant and trade at these levels for many months to come.”

Lastly on our four hour chart to the left we see how inverse bozu candles circled. Each candle is almost tick for tick the identical opposite and comes in at the same price range. Also each is followed by a three day trend that also is perfectly contrasting in shape. This amongst everything else shows how neither side has the upper hand and markets are unsure/range bound.