forexmentoronline

Bitcoin: Consolidating Inside Buy Area, Reversal 50/50

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is still inside the buy area I said could cause a reversal in my previous update.

A reversal out of the area looked like it was taking place just after I posted my last update (red arrow), however, a large drop caused this to end and pushed the price through the bottom of the buy area. This drop ended with the appearance of a large spike, which may indicate well capitalized traders and investors are buying large quantities of Bitcoin . The fact that we saw a spike form last week from a price very close to where this spike has appeared adds more evidence they may be buying in anticipation of a reversal.

Since the large spike took place the price has just consolidated (moved sideways) inside the buy area, giving no hint as to whether it's going to reverse out of the area or break it through it.

For now, I think the best course of action is to continue watching for signs of a reversal inside the area.

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