A short update. Seeing negative price action (as presented in previous posts) being the driver of the day still. This bounce from $9K to $11K (for about a minute) looked like a short squeeze off some key exponentials (not fib levels) which drove the market higher.
That said, the zone between $7.3K at the low and $9K at the top is going to form our next consolidation zone. Bitcoin is going to be attracted to this like a magnet - Why?
We consolidated at $7K for many months in 2018 and formed another strong pattern in this area moving up from this past bull market. Bitcoin loves to paint head and shoulders patterns and in reality have a pretty good success rate of succeeding.
I will be bullish on this pattern, not bearish, however (will explain why in future posts, but essentially the target would be too low for Bitcoin for me to even consider).
Anyways, first things first. Need to break $10k, but if we re-test $9k, expect a much longer consolidation between this wide trading area, most likely with a wick down eventually to $5,200-$5,600 to set the floor (thank you panic sellers).
All the best in trading.
That said, the zone between $7.3K at the low and $9K at the top is going to form our next consolidation zone. Bitcoin is going to be attracted to this like a magnet - Why?
We consolidated at $7K for many months in 2018 and formed another strong pattern in this area moving up from this past bull market. Bitcoin loves to paint head and shoulders patterns and in reality have a pretty good success rate of succeeding.
I will be bullish on this pattern, not bearish, however (will explain why in future posts, but essentially the target would be too low for Bitcoin for me to even consider).
Anyways, first things first. Need to break $10k, but if we re-test $9k, expect a much longer consolidation between this wide trading area, most likely with a wick down eventually to $5,200-$5,600 to set the floor (thank you panic sellers).
All the best in trading.