How long will the consolidation last? Here are some brief thoughts on how to trade from here:
1: If you switch to a higher timeframe, you’ll see that Bitcoin’s decline so far can still only be considered a retest after breaking above 82,500.
2: If you understand chart patterns, you’ll know why 80,000 is the critical make-or-break level for this pattern, and understand why I say the outlook remains bullish as long as we don’t break below 79,500.
3: After several attempts, price has been unable to break below 82,500 or above 87,000. We’re currently trading in a range, but the rising support is clear! Buying dips carries less risk than selling rallies!
4: For the long term, I still expect a move to the 94,000–96,000 range, followed by a genuine correction cycle that will provide the final confirmation of the bull market.
P.S. Short term: range-bound between 82,500 and 87,000. Medium term: firmly expect a breakout. Long term: look for a top near 94,000–96,000, followed by a correction!
1: If you switch to a higher timeframe, you’ll see that Bitcoin’s decline so far can still only be considered a retest after breaking above 82,500.
2: If you understand chart patterns, you’ll know why 80,000 is the critical make-or-break level for this pattern, and understand why I say the outlook remains bullish as long as we don’t break below 79,500.
3: After several attempts, price has been unable to break below 82,500 or above 87,000. We’re currently trading in a range, but the rising support is clear! Buying dips carries less risk than selling rallies!
4: For the long term, I still expect a move to the 94,000–96,000 range, followed by a genuine correction cycle that will provide the final confirmation of the bull market.
P.S. Short term: range-bound between 82,500 and 87,000. Medium term: firmly expect a breakout. Long term: look for a top near 94,000–96,000, followed by a correction!