Looks to me like BTCUSD is in a symmetric triangle pattern, which tends to follow the current trend (which has been down) before continuing onward. There is a possibility of reversal, but symmetric triangles typically continue the current trend. If this were an ascending right triangle, I'd see it as more bullish. If it were a descending right triangle, more bearish.
I'm going to wait and see if it can hold above the triangle for a couple days, and then maybe open some positions on it, or wait for it to reject the trend and fib resistance points and continue down.
My opinion is that it is likely to continue downward, and this is a Wyckoff redistribution phase. There's a chance it is a consolidation for an upcoming reversal, but I'm personally bearish.
I'm going to wait and see if it can hold above the triangle for a couple days, and then maybe open some positions on it, or wait for it to reject the trend and fib resistance points and continue down.
My opinion is that it is likely to continue downward, and this is a Wyckoff redistribution phase. There's a chance it is a consolidation for an upcoming reversal, but I'm personally bearish.
