🔥 Bitcoin Likely To Trade Sideways For A While
After the strong drop we saw over the last week, Bitcoin's higher timeframes are in severe oversold levels at the moment, which will stop the selling for a bit.
Furthermore, the stock markets are closed for the next three days, which naturally leads to less volatility.
As seen on the chart, BTC is trying to form a sideways consolidation pattern. It would be likely that we're going to trade within said pattern for the next couple of days. In the end this pattern will probably end up to be another bear-flag, with more bearish price action following the bearish break out.
For now, it's sideways price action until proven otherwise.
Furthermore, the stock markets are closed for the next three days, which naturally leads to less volatility.
As seen on the chart, BTC is trying to form a sideways consolidation pattern. It would be likely that we're going to trade within said pattern for the next couple of days. In the end this pattern will probably end up to be another bear-flag, with more bearish price action following the bearish break out.
For now, it's sideways price action until proven otherwise.
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