Bitcoin (Consolidation needed!)
After the huge pump Bitcoin received yesterday some consolidation will need to happen over the next few days. Volume has died off and BTC is falling back below the month long downward trend line. RSI is over bought and the MACD will need to reset again before BTC is able to breakthrough the downward trend line. There will be a bounce within the MACD at the top of the closest upward trend line.
There is still a active inverse head and shoulders patten that will come into effect if BTC returns to the neckline. This will be confirmation of a new upward trend across the year. Between the neckline however is a 3 month downward trend line. This is where there will be the most resistance. The bottom of this dip however looks like it has been confirmed in purple. Multiple times BTC has been creating higher lows in that area. It would be unexpected if BTC was to fall below this level.
There is still a active inverse head and shoulders patten that will come into effect if BTC returns to the neckline. This will be confirmation of a new upward trend across the year. Between the neckline however is a 3 month downward trend line. This is where there will be the most resistance. The bottom of this dip however looks like it has been confirmed in purple. Multiple times BTC has been creating higher lows in that area. It would be unexpected if BTC was to fall below this level.
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