Hello all, here is the technical analysis of current market structure in this consolidation stages of bitcoin. Let's enjoy!
The market is however trending at a very risky level. I can't say that the movement isn't volatile enough because of the fact that in this current sideways market, it moves in 33% of volatility. This however is very volatile when it comes to consolidation zone. But, with this volatility, I still see that it is still forming a random pattern out of nowhere. Opening any position at this rate especially for the leverage trading account could easily end up at being liquidated with this volatility and uncertainty.
The price is still trending slightly above the yellow support trend line and below the 1000 moving average. Whenever the price is trending below the 1000 moving average, there will be a lot of faking out movement with huge liquidation rate (similar with previous price action that occured between December 2018 - April 2019). I will expect this consolidation structure to end up longer that I've expected previously and I'm truly expecting a potential type of triangle pattern to be formed during this consolidation so we can decide the next movement with lower risk to enter any position.
For the bias, I'll expecting a bounce toward the moving average 1000 to be tested only if the price doesn't breaks below this yellow support trend line.
The market is however trending at a very risky level. I can't say that the movement isn't volatile enough because of the fact that in this current sideways market, it moves in 33% of volatility. This however is very volatile when it comes to consolidation zone. But, with this volatility, I still see that it is still forming a random pattern out of nowhere. Opening any position at this rate especially for the leverage trading account could easily end up at being liquidated with this volatility and uncertainty.
The price is still trending slightly above the yellow support trend line and below the 1000 moving average. Whenever the price is trending below the 1000 moving average, there will be a lot of faking out movement with huge liquidation rate (similar with previous price action that occured between December 2018 - April 2019). I will expect this consolidation structure to end up longer that I've expected previously and I'm truly expecting a potential type of triangle pattern to be formed during this consolidation so we can decide the next movement with lower risk to enter any position.
For the bias, I'll expecting a bounce toward the moving average 1000 to be tested only if the price doesn't breaks below this yellow support trend line.
