BTCUSD( consolidation)

BTCUSD( consolidation)

PAIR:BTCUSD

Still holding up strong to some sort or support levels. The chart patterns, divergence(bullish) will be used to determine the trend in price.

On the daily chart, after breaking out of the huge symmetrical triangle bitcoin price trend has 37% chance of throwing back to test the triangle before continuing( which is where the consolidation comes in). This throwback is currently taking place and has gained some sort of support levels would probably bounce back only IF SUPPORT holds. AS SHOWN BELOW:

Secondly another chart pattern spotted is called INSIDE DAY. (note, only when the current candle stick closes halfway)

The pattern acts as a continuation 62% of the time.A breakout occurs when the coin closes either above the top of the pattern or below the bottom of it.
Trade with the trend(the trend is your friend)Since inside days act as a continuation pattern, expect the breakout to be in the same direction as the inbound price trend.
Wait for price to either close above the top or below the bottom of the pattern before taking a position.
The inside day can form midway in a price trend, just like flags and pennants. AS SHOWN BELOW:

Lastly, the BULLISH HIDDEN DIVERGENCE

A very clear different directional movement between the price and the oscilator. When price is making a HIGHER LOW and the oscilator is making  LOWER LOW, this tends to give a bullish signal.

Technicals suggests that more consolidation will likely take place before any new price trend.

Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.

$COV HODL

 

 

 

 

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