What is happening to BTC?

I'd rather just share the analysis from Kuang Ren, happy new year, guys.

BTC:
Yesterday, I said that BTC would remain in the current downtrend in the near term and price was likely to dip further, price action, however, turned out to be in an oscillating status and stopped going south, which aroused doubts among my followers who thought price had started an uptrend and it’s time to chase high. Is that so? Take look at the daily chart:

The momentum causing the shortly-lived bounce is still limited after a small-range dip with increasing volumes on daily chart, moreover, price has formed a consolidating triangle, indicating that the date for a reversal in trend is approaching. Currently, price is moving below MA 5, which means the overall momentum is still weak. Therefore, my conclusion stays the same, i.e. price is more likely to head south after current oscillation.

Well, if closing price moves and remains above MA 5 today, that’ll be another story, which makes the decision on direction in the next few sessions extremely important. My suggestion is to wait and see when you can’t make an accurate judgement as BTC price is still at a high level. DO NOT be too aggressive as price is forming a head and shoulders pattern.

Original by Kuang Ren, translated and posted by AICoin Jami.