Bitcoin Heading Sideways and Down!
Bitcoin is again proving how volatile and unpredictable the cryptocurrency
market can be. The start of 2021 was bullish, then after a 55% decline from
April to June 2021 price rose to create another new all-time high at $69,000
in November 2021. Since then, another decline has developed, seeing a dro
of 51% so far.
What we can see now is a consolidation zone forming. When price consolidates,
the behaviour can be unpredictable as there is no clear trend direction, just a
lot of sideways movement.
The high is at $69,000 and the low is at $28,600 formed from the June 2021 low.
Within this zone, price is displaying weakness and heading towards the low support zone.
Sideways movement in the market can last from months to years and there is no
way of telling how long they will last. The primary confirmation that they are over
is when price breaks and closes above the consolidation high or below the low.
It is best to stand aside from the cryptocurrency market for now until a trend starts
to form again. Right now, the conditions are too volatile.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
market can be. The start of 2021 was bullish, then after a 55% decline from
April to June 2021 price rose to create another new all-time high at $69,000
in November 2021. Since then, another decline has developed, seeing a dro
of 51% so far.
What we can see now is a consolidation zone forming. When price consolidates,
the behaviour can be unpredictable as there is no clear trend direction, just a
lot of sideways movement.
The high is at $69,000 and the low is at $28,600 formed from the June 2021 low.
Within this zone, price is displaying weakness and heading towards the low support zone.
Sideways movement in the market can last from months to years and there is no
way of telling how long they will last. The primary confirmation that they are over
is when price breaks and closes above the consolidation high or below the low.
It is best to stand aside from the cryptocurrency market for now until a trend starts
to form again. Right now, the conditions are too volatile.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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