I don't want to create panick in people, but the price is stagnant at $9500 and in my opinion if the price remains stagnant at $ 9500 without being able to rise, people will start selling it we will see another big price drop. and as I said, it won't surprise me to see the $7000 price again.
Well, there is always a possibility that people are just waiting for a big announcement that is why price is going sideway.
It seems to me that the price had risen so much because people bought it because of the high expectations they had created about the Libra. Once reality is stamped on people's faces then they started selling their bitcoins
I am still not convinced that the previous steep increase in price of Bitcoin is created by the news about Libra. Bitcoin is already rallying before that Libra announcement is made. Though the following dip in price are possibly those people who bought at cheaper price cashing out.
This "stable" level could break down as well as up. In fact, sideways consolidations like pennants, flags, and triangles are usually continuation patterns. So in a downtrend, they are usually considered bearish consolidations.
Since the double bottom attempt didn't explode upwards, I'm inclined to think this is still bearish. If we go sideways for another week, my opinion on that might change.
Indeed, how many times we have seen in a bull run, often times a lower high is followed by consilidation then upward trend. So the price can go either way but for me, I am incline on the price chart going upward.