Bitcoin Bulls Need A Break - Not The Time To Buy Yet

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is consolidating in a range-bound market of a descending channel that bulltards like to call a "bull flag". Indeed, a breakout from this flag may lead Bitcoin to the previous ALL-TIME HIGH but (poof!) in case you haven't noticed, the dissipating volume is a clear indication that the bulls need a break.

Sure, the bulls might try to retest that bull flag resistance near $11800 from here but I won't lie to you, they have got NO CHANCE... HELL, NO! If you see a green spike from here and you get in, I can guarantee you that you will get REKT! What I would like to see is for Bitcoin to correct lower before moving on to the next phase of the bull market that we are in. Over the near term, I would expect price to make a lower low down to the bull flag support area (key support).

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