Here is the current structure on the bitcoin in higher time frame, I use the 12 hours time frame which is a significant time frame as usual. Price is trending at this long consolidation pattern which we can see that the volume is diminishing over time as the price is trending closer to the APEX of this ascending triangle.
The main factor that we need to see at this structure is that the test toward the white region as a strong resistance zone in this cycle. We know that at the previous price action the price always showed a huge rejection whenever the price tested this area of resistance. At November 25th, we have almost 17% drop and December 1st, we have another 11% drop.
During the latest 2 drops, we can see that the price is still forming a higher low structure which is significant to gain any strength on the bulls momentum. However, we still don't know yet how will the price reacts at this current resistance zone in the near future. Will it breaks or will it gets rejected?
All I can see for now is to wait as the dominance gets higher and the volume has decreased pretty much as the price comes closer to the APEX. Breaks above this white resistance zone is a good price action for the bitcoin but we still need more confirmation for this bullish bias. Currently, it's wise to stay neutral.
The main factor that we need to see at this structure is that the test toward the white region as a strong resistance zone in this cycle. We know that at the previous price action the price always showed a huge rejection whenever the price tested this area of resistance. At November 25th, we have almost 17% drop and December 1st, we have another 11% drop.
During the latest 2 drops, we can see that the price is still forming a higher low structure which is significant to gain any strength on the bulls momentum. However, we still don't know yet how will the price reacts at this current resistance zone in the near future. Will it breaks or will it gets rejected?
All I can see for now is to wait as the dominance gets higher and the volume has decreased pretty much as the price comes closer to the APEX. Breaks above this white resistance zone is a good price action for the bitcoin but we still need more confirmation for this bullish bias. Currently, it's wise to stay neutral.
