BTC Consolidation to Continue - Head & Shoulders Pattern
BTC look like it will continue to consolidate for the coming days & weeks. Currently it is at the neckline of a head & shoulders pattern & the indicators are not optimistic at this point. RSI & MACD continue to show bearish divergence - DMI confirms that we are firmly bearish.
10-11k is the next reversal range to watch if this support breaks - which looks likely. 10k should be a pretty strong support level, but if we continue to see bearish signs we could see price fall to the 8-9K level where support should be significant.
Sky-high bitcoin fees is a big problem right now, & I suspect that until this is rectified the market will have a hard time becoming strongly bullish again. Right now, it's best to be patient & wait for clear signals that long positions are viable again.
10-11k is the next reversal range to watch if this support breaks - which looks likely. 10k should be a pretty strong support level, but if we continue to see bearish signs we could see price fall to the 8-9K level where support should be significant.
Sky-high bitcoin fees is a big problem right now, & I suspect that until this is rectified the market will have a hard time becoming strongly bullish again. Right now, it's best to be patient & wait for clear signals that long positions are viable again.
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