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RE: Bitcoin is trying to decide which path to follow.
As @stocksncrypto noted in his post.
The big problem is the MACD which crossed to the downside yesterday. This is a very bearish sign and Bitcoin could fall further to the $8900 level.
So, I'm still for a more Bearish trend short term, that could end this wait and start a Bullish trend. That could happened right after the SEC issues and Consensus.
The crossing of the MACD on the daily chart is a bearish indication. There are also a few other bearish indicators. One of them is the histogram slightly poking out of the wedge on the 4 hr chart. Arrow points to it here:
Another is the setup of the 8, 21 and 55 day EMA. As I pointed out in an earlier post, a bear market can be forecast on the 4 hour chart when the 55 day EMA is on top, the 21 day in the middle and the 8 day on the bottom. Unfortunately, that just happened late last night:
If you’re unfamiliar with EMA’s, refer to my post here: https://steemit.com/cryptocurrency/@workin2005/simple-effective-strategy-to-buying-and-selling-market-trends
These are the reasons I outlined my bearish scenario above which has bitcoin dropping to $8,900. Personally, I’m not trading right now. There’s too much uncertainty in the market.