Bitcoin consolidates further into pattern - break up or down?
Bitcoin has been consolidating further into a tighter range and is now once more testing the bottom of this triangle formation. The support here is significant as it formed a similar range back in January 2021. On higher timeframes it makes for a perfect retest and flip and would fit with the rhetoric of this bull season not being over just yet.
In these patterns, bias would normally fall with a break upwards, but break down and a visit to mid 20ks is on the cards. There is an untested gap between the support here and the previous 2017 high, which could see us go as low as 20K region.
Personally IF this triangle breaksdown, I believe we will see a bounce in the mid 20K area around 24-27K
In these patterns, bias would normally fall with a break upwards, but break down and a visit to mid 20ks is on the cards. There is an untested gap between the support here and the previous 2017 high, which could see us go as low as 20K region.
Personally IF this triangle breaksdown, I believe we will see a bounce in the mid 20K area around 24-27K