Bitcoin Price Consolidating Before Another Dump
Updated
Hi, traders. According to my analysis bitcoin is consolidating around 20K levels and forming a descending triangle pattern.
We broke below the daily bear flag and saw quite a dump at the end of the week after Jerome Powell's hawkish speech.
Bitcoin has remained neutral this weekend.
I belive BTC will continue dumping when the traditional stock markets open on Monday.
Keep an eye on NASDAQ and DXY ( USD index ). Ideally to confirm a dump or see the general market direction in favor of the BTC bears,
we need to see NASDAQ dumping and DXY pumping.
We saw bullish divergences in 1 hour and 4 hour charts also. Be careful.
Tomorrow we will see some volatile movement.
What do you think?
We broke below the daily bear flag and saw quite a dump at the end of the week after Jerome Powell's hawkish speech.
Bitcoin has remained neutral this weekend.
I belive BTC will continue dumping when the traditional stock markets open on Monday.
Keep an eye on NASDAQ and DXY ( USD index ). Ideally to confirm a dump or see the general market direction in favor of the BTC bears,
we need to see NASDAQ dumping and DXY pumping.
We saw bullish divergences in 1 hour and 4 hour charts also. Be careful.
Tomorrow we will see some volatile movement.
What do you think?
Note
Previous support confirmed as new resistance. Waiting for NASDAQ to open. DXY started the week with an upwards move.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.