Bitcoin - Why I'm Still Sitting On My Hands

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Bitcoin is currently in a very interesting place in the market right now. In my previous article I stated that I had moved to cash as key support had been broken, and a daily downtrend had formed. I also stated that the short-term fate of the crypto market would be decided as bitcoin went to retest the 30kish level of strong demand. Bitcoin found strong institutional support once again at this level as it approached the lower limit of the 50 EMA -2 Bollinger Band, and had a strong rally yesterday. However, the daily chart still indicates an intact downtrend, with the upper trend channel currently being respected on the third touch. This downtrend will remain intact until BTC breaks above 39.5k. If Bitcoin is going to experience another sell-off, it will likely happen soon. Long-term I'm extremely bullish on both BTC and ETH, but the short-term fate has yet to be decided. Until the market decides what it wants to do in the short-term, I will continue to sit on my hands.