It seems BTC remains effectively above 10K, is it consolidating and gathering momentum for further gains?
Here is an original analysis from a Chinese analyst Kuang Ren, please feel free to comments if you have different views:
BTC/USDT:BTC starts a wave of sideway move after a continuous downtrend, indicating the weakening strength from bears. Also, the willingness to take chips over at current price remains strong as we haven’t seen an obvious shrink in volumes in the past 3 sessions. The pressure from bears will come to an end for now as market has been digesting the bearish sentiment.
Though the overall correction is expected to continue, BTC still holds the possibility for a short-term rally, meaning that you can try to open some small positions and make profits. If you look back at the previous corrections lasting for 2-3 months, you’ll know that this time BTC has only been in the correction for about 1 month, making it too early to get excited before the real bottom comes.
As you can see, price suffered a lot after breaking below MA 5 on a weekly basis and we’ve seen the continuous support provided by the level as marked. Still, we can wait as MA 5 sinks on weekly chart until it contacts with price, which symbolizes the continuation of downtrend. Overall, price may have a short-term rally, but price remains in a downtrend channel in the medium term. $7,500 - $8,000 may act as the supporting floor and price can find the strongest support at $5,000, which seems less likely as more investors are rushing into the market.
Original by Kuang Ren, translated by AICoin Jami.
Real-time price info. is here:
https://www.aicoin.net.cn/chart/D331D4E2 
