Bitcoin prices after the recent price slash at the beginning of June had marked new lows below $18,000. But before the price slides down to these levels, a strong consolidation above $21,000 for a couple of days and later slashed hard close to $20,300. Further, the bears dragged the price too as low as $17,600. Similar price action is much anticipated as the BTC price is displaying a hidden bearish divergence to lay a bull trap.
BTC price in the short-term is appearing pretty bullish as it is swinging within an ascending triangle and fast approaching the apex. The asset is expected to maintain an ascending consolidation until it reaches the neckline of the pattern above $21,600. Further, a breakout from these levels may uplift the price beyond $22,700 which may be followed by a breakdown ahead. This may be a bull trap as the asset is pretty bearish in the long term.
The BTC price in the higher time frame is signalling a consolidation within narrow ranges for a minimum of more than 30 to 45 days ahead. The entire Q3 trade is expected to be a range-bound consolidation just above the lower support at $19,800. However, a couple of breakdowns and rebounds may also be expected. Finally, the apex of the huge descending triangle may be hit by the end of Q3 where-in a significant price drain may drag the price towards the lower support close to $15,500.
Collectively, the markets currently appear to have begun with a notable recovery, a strong confirmation of the trend reversal is not flashed yet. Until then the Bitcoin(BTC) price may remain consolidated and record new lows every now & then.
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