Good morning friends 😎

#Bitcoin  is moving sideways in the range of $53,000 - $59,000 and the uncertain process continues.

$58-59k range has been tested 3 times but has not been overcome yet. We are seeing the impact of Germany's sales. The sales are not very heavy, but in terms of news value, they bring an additional 3-4 times of sales.

Currently, whales have not made any sales and even increased their holdings by buying after losing the $56,000 support. We can understand from this that sales did not come from whales.

On the other hand, ETF investors did not make any sales, in fact, we saw a net inflow of approximately 300 million dollars yesterday.

Despite the current downturn, ETF investors and whales continue to hold their assets without selling anything.

The loss of MA200 and the closings under the last wick were negative and the market still cannot find a clear direction. There is an unstable price volatility due to sales in Germany.

Even if it closes above $56,000, it can close below it the next day when an imbalanced selling comes from Germany. Trading based on $56,000 can cause unnecessary stops during this process.

So it would be more sensible to follow the breakthrough of $59,000, which is the short-term resistance in place, rather than $56,000.

As you can see from the chart, this resistance has been tested 3 times but could not be broken. Breaking this resistance in the short term will give the first reversal signal. Therefore, we will closely monitor the $59,000 resistance.

I wish everyone a beautiful day and plenty of profits.