Bitcoin : The perspective in the small time frame
Bitcoin has been trending around this blue region for almost 1 week. This is however not so good for the day traders like us which with current volatility, there is only small chances that we can get a good position. The small volatility but choppy condition is becoming the hardest factor to enter any position.However, this is a very typical condition when the price is at the consolidation zone.
However there is still a lot of uncertainty that we may face in the near future. The blue region is a strong region for bitcoin that's why the price might respect this region and we may see a relief rally because of the previous drop. But as you see my previous analysis, the next drop will come whatsoever. The next blue region is the area of interest where it will be the area for testing the phase 2 of break out strategy in higher degree.
In conclusion, we might see a test toward the upward resistance at around $11900 or $12000. But after that, I still see a huge possibility of the price to drop to $9200 region.
However there is still a lot of uncertainty that we may face in the near future. The blue region is a strong region for bitcoin that's why the price might respect this region and we may see a relief rally because of the previous drop. But as you see my previous analysis, the next drop will come whatsoever. The next blue region is the area of interest where it will be the area for testing the phase 2 of break out strategy in higher degree.
In conclusion, we might see a test toward the upward resistance at around $11900 or $12000. But after that, I still see a huge possibility of the price to drop to $9200 region.
