Bitcoin still having none of it

The rebound in the global risk and equity markets has so far had little positive impact on Bitcoin. It has singularly failed to take advantage of the more positive risk appetite that is impacting the wider markets over the past 24 hours. That could be a warning sign for holders of the lead cryptocurrency. The failure to make any headway beyond 10,800 has been highlighted here all week so far and looking at the technical picture this morning there is a clear reason for that. Bitcoin is trading in an ever increasingly compressed range as moves towards the end of a clearly defined wedge, or pennant formation on the daily charts. That does look set to come to a conclusion pretty soon and when it does that should deliver a move. The current lack of momentum and stalling of the price action would suggest that the move when it comes will be to the downside. Certainly, unless it can at least reclaim 10,800 the outlook cannot be positive, but that does go against the grain of what is unfolding elsewhere in the wider markets. Bitcoin is just now trading at 10,605