The price of Bitcoin price saw price volatility in the market after reaching the downtrend resistance before the weekend began. The price level of did not remain for long as the saw a rise in the price level which is Bitcoin consolidation. Starting with the price chart analysis of the Bitcoin consolidation it clearly shows that the market strongly rejected the low price of the Bitcoin as it reached the resistance level or the low price as indicated by the red band causing a reversal in 21 days exponential moving average. The rejection occurred right after a tiny, false breakout, whose weakness was clearly broadcasted on the indicators ahead of time. The rejection occurred right after a tiny, false breakout, whose weakness was clearly broadcasted on the indicators ahead of time. Moving to the daily, we note first that three important EMAs – the 9, 21, and 55 – are all clutched together, and that day’s daily candle is already trending below it. It seems likely that closing below this EMAa knot will ensure that Bitcoin completes the cycle all the way back down to the often-retested support starting at about $9,500.
Image source: www.forbes.com
As the analysis of the price chart of Bitcoin depicts that price is shrinking down after a Bitcoin consolidation which now has turned bearish. The Bitcoin consolidation will not be a long affair if there is not a change in the price level.
Many times in the past the chart pattern showing price movements of any asset does not accurately reflect the true position of the future market expectation and turnings it will take on due course of time. It is more time not quite as simple and as complicated as markets are quite unpredictable and random. Same is the case here the Bitcoin looks like a flag and Bitcoin consolidation is an accumulation before price reaches a higher level.
Source: Crypto Globe
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