BitcoinLong
BTC - Consolidation before next leg up
Over the course of the last few days we have seen a local top of BTC above 44k. The following move was a drop towards 40K levels after which many traders & analysts were speculating a drop to potentially 36K or even lower.
Looking at the price action of BTC on the 4H timeframe we see that it is moving sideways in a 'box' which has started to look like a move of consolidation. Initially it seemed like it formed a double top which could have led to lower lows, but the recent bounce on 41.7K seems to have invalidated that scenario.
Looking at the current price action I believe that due to its higher highs and higher lows, its realistic to a assume that BTC will print another higher low before breaking out to 47K. This spike upwards could be pushed further towards 50K+ in case of ETF approval on the 10th of January.
As always, this is my view and not financial advise. DYOR and trade with care!
Looking at the price action of BTC on the 4H timeframe we see that it is moving sideways in a 'box' which has started to look like a move of consolidation. Initially it seemed like it formed a double top which could have led to lower lows, but the recent bounce on 41.7K seems to have invalidated that scenario.
Looking at the current price action I believe that due to its higher highs and higher lows, its realistic to a assume that BTC will print another higher low before breaking out to 47K. This spike upwards could be pushed further towards 50K+ in case of ETF approval on the 10th of January.
As always, this is my view and not financial advise. DYOR and trade with care!
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