BTC Consolitation
Updated
After the big move over more than 10% it is good to see that BTC consolidates now.
We also see that this move perfectly touched the box.
Now it is time to be patient and wait if BTC forms a bull flag.
The volume is declining, so that is a good sign for now. If the price goes lower than 7200 then this bull flag is invalidated and then we may go lower.
Trade at your own risk.
Trade wisely.
I am pretty new to trading so every feedback is valuable to me.
We also see that this move perfectly touched the box.
Now it is time to be patient and wait if BTC forms a bull flag.
The volume is declining, so that is a good sign for now. If the price goes lower than 7200 then this bull flag is invalidated and then we may go lower.
Trade at your own risk.
Trade wisely.
I am pretty new to trading so every feedback is valuable to me.
Note
Bitcoin tried to break out, but the bears stopped the breakout and pushed the price back to the 7200 level. The good thing is that this level did hold.In my opinion the indicators still need time to cool of, so some days of sideways movement would indicate a bullish structure.
There is still the possibility that the bears are pushing the price down to the 6800 level. The failed breakout is an indication that the bears are still strong.
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