Is The Low Volatility In Bitcoin And Bitcoin Futures A Harbinger Of A Coming Bull Market?

Bitcoin once again has failed to provide any sort of notable move in the past day or so. The US (CST) overnight trading session saw only 105 points as the total range, a number so low that it shows the potential for BTC to bring another breakout of sorts. Now looking at price action, it can be seen that BTC is doing a couple of things to maintain course without falling through the floor.

First, BTC price action continues to hold support at 6k. Considering the candle bodies consistently held 6040, that price action continued to hold 1/2 of the previous trend leg up(yellow), thus qualifying the small leg as a retrace or correction leg so far. This will only be fully confirmed for a potential trend change as a higher high above the 6300 mark is made. Take into consideration that the previous leg up(dotted line) was only 1/2 of the larger leg down before, and this picture contains a bear no the mid-scale. However, keep in mind that the lower trend line of the overall pattern(large scale) was sharply tested, and unless there is a break below the 6750 line – which does move as time goes on – then BTC price action will likely continue to play in between this pattern until a breakout occurs.
Looking at the tech specs, the first thing to note is that BTC price action looks to challenge the MA line soon, and will low volatility will likely have a hard time breaking above. The MA line looks to meet price at 6130.
Stochastic readings show an attempt to pivot in the oversold region(<20), but only slightly. MACD readings have completely neutralized as well, giving no sense of direction until that breakout is made and depending on whether support can continue to hold. Resistance stands at 6400. Based on these, more sideways action can be expected as BTC gives no strong indication of direction, a dangerous scenario even when properly managing risk.
BTC is currently a No Play.
Futures Traders- trade the trend. The short-term trend is sideways. No Play.