Pivot point is at 4872. Above the Pivot point, there is a bullish scenario, below a bearish one. Fluctuating prices around the Pivot point mean a tempory sideway trend.
In the 30 minutes chart of BTCUSD, we see a huge trend reversal pattern in the candlestick chart (green circle). In normal times, this would drive the market price up and up. However, there are not normal times in these days. We have just seen a consolidation and it is already over. It was just one more bull trap. The ongoing bear trend still dominates the scenario. Once the support level at 7540 is broken, BTCUSD might temporarily find some ground at 5511. However, the target is 3230.
In the 30 minutes chart of BTCUSD, we see a huge trend reversal pattern in the candlestick chart (green circle). In normal times, this would drive the market price up and up. However, there are not normal times in these days. We have just seen a consolidation and it is already over. It was just one more bull trap. The ongoing bear trend still dominates the scenario. Once the support level at 7540 is broken, BTCUSD might temporarily find some ground at 5511. However, the target is 3230.
Comment:
Sorry, there is an error in the above text and I cannot edit it anymore. Pivot point is at 8472.
Comment:
BTCUSD is in a consolidation with target 10300. It just broke the blue dotted trendline upwards (green arrow). However, do not forget that upmoves were bull traps most of the time since December 17, 2018.
Comment:
Yes, it was another bull trap. The consolidation did not reach its target at 10'300. Bitcoin is already moving down again.