BTC Price Action Update - Consolidation
Updated
The price moves interestingly,
seems like it has trouble continuing a bullish movement right now - the price entered an equilibrium, in my opinion, it's a reaccumulation that will break strongly upward
I will break the stages down
1.SC - AR - ST - Small Correction:
Those created and completed Phase A - Stopping the previous trend:
the fact that the correction that came after the ST was very weak is a good sign - which brings me to the next point.
2.Upthrust
That Upthrust marks the beginning of Phase B - Building the cause:
the upthrust is very strong, it is made of relatively big green candles and small, hammerish red candles.
the fact that the price has strong support in the exact middle of the range is also positive - it shows that the channel is bullishly narrowed and that the interest in lower prices gets lower.
will update as the range develops
seems like it has trouble continuing a bullish movement right now - the price entered an equilibrium, in my opinion, it's a reaccumulation that will break strongly upward
I will break the stages down
1.SC - AR - ST - Small Correction:
Those created and completed Phase A - Stopping the previous trend:
the fact that the correction that came after the ST was very weak is a good sign - which brings me to the next point.
2.Upthrust
That Upthrust marks the beginning of Phase B - Building the cause:
the upthrust is very strong, it is made of relatively big green candles and small, hammerish red candles.
the fact that the price has strong support in the exact middle of the range is also positive - it shows that the channel is bullishly narrowed and that the interest in lower prices gets lower.
will update as the range develops
Note
Seems like we got an LPS, I've seen a minor structure on the 5m charts, the price is supported strongly now by the professional operators and I expect the price to rise up and eventually leave the range, will update soon
Note
Well, bitcoin's minor structure refused to break up after the LPS and created a spring, followed by a long, strong SOSbar, I believe that well see the price on the macro-structure rises now, but the risk for a Spring is still out there and we should wait for the price break either trough the Creek or through the lower part of the range to be more certain that the accumulation is over.will continue updating as the range develops.
Note
Well, we got ourselves a spring.The price is trading outside the range trying to break back to its lower border, I’m waiting to see if it will do so, if it will, I’m very optimistic about bitcoin’s future.
Will continue updating
Note
Seems like the price has difficulty returning to the range, I am still optimistic though I would be much more optimistic when the price will cross the lower end of the range, I'm careful and follow closely after the price development.will update the moment I'll know more
Note
I gotta be honest, i did not think that the price will create such a huge Terminal Shakeout, but then it created a microstructure, which brought us to that moment, and I really think that were in a good position now, by now the large operators will take us in the path of least resistance - all the way upOf course there is always a doubt and things can go wrong, but I’m very optimistic now
Will update if needed
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.