As we can see, BTCUSD managed to climb up to 10000+ price level with an interesting bullish movement losing strength near that area. After which, we say a nice retest followed by a fall in price level from BTCUSD. So what I will be expecting now is a similar pattern arising for BTCUSD. Consolidation Phase for now followed by a weaker drop in price level to the trend support level. If we see this pattern arising, we can open a long position and ride the trend (Green dotted line). However, if we see a strong drop instead of a weaker drop, BTCUSD will be heading towards two potential level: 7450 price level (weak support) or a even 7200 level (strong support). As of now, we should see a consolidation phase arising and entering a good short position will be viable.
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Comment:
We will wait and see how high BTCUSD can go before determining our consolidation range. Drawing is not drawn to scale.
Comment:
So far we can see BTCUSD obeying to our consolidation prediction. Next where will it go?