As expected, no change has been witnessed in the Bitcoin price action in the past 24 hours as it continues to trade within the same range. Besides, no specific change in market sentiment is seen as the volume remains drained along with the price moving sideways. In short, the BTC price is facing sluggish behaviour that may have annoyed the traders, who are now looking at other options to invest in.
Although the price does not display any major movement, it carries the possibility of a short-term bounce that the traders need to keep a note of. As mentioned in the previous composition, the September month is expected to be a major setback for the BTC price. Hence, the traders may be expecting a huge plunge before the end. However, one of the prominent analysts, Altcoin Sherpa, cautions his 196,200 followers not to trade actively at the moment.
The analyst refers to the above chart and says that nothing has changed in the past few days as the trend remains relatively low. However, the upcoming price action may determine the next course of action. The price is trading in a lower-low pattern, while the next higher high is most anticipated and is also unlikely considering the current trade setup.
“Nothing has happened the last few days; I’m still waiting to see where this next high goes. This was actually a lower low on many other exchanges and that wicked down. HTF market structure still seems v. shaky at best. Dont trade this actively IMO,”
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