Trend update: price stagnation can drive prices lower

There clearly was a narrowing of the trading band but despite all the signs the uptrend does not yet begin due to selling pressure from likely institutional investors. Current BTC price of ~$7000 is likely to initiate a downtrend to $6000-$6500 band, a breakout can still occur but the trend has been either weakly up or weakly down resulting in a flat price regime. The horizontal movement does not seem to be building buying power for now, the buyers are slow and are quickly met by sellers at new resistance levels such as $7100.

Hourly chart shows us that the wedge hasn't necessarily closed but also that decreasing resistance levels couldn't be crossed by upward movements. RSI hovers around 50, following a horizontal price regime that's mostly composed of random movements, although the decreasing amplitude of the waves do look like a direction change should occur soon. The hourly trend can also be interpreted as the market deciding on a bottom as the long-term moving averages are flattening gradually, which can be followed by a breakout.