Technical analysis

Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row.

Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $3,500 values but it doesn’t look like it can hold on much longer.

At the moment, we are seeing signs of distribution as large rounds of selling have remained present during key support tests.

Volume is highly consolidated and the market is ready for a large move — the question is, where will it move next?

In our previous discussion, a strong possibility for a retest of the low volume spring was noted as the market was beginning the early...