Was an interesting night with Bitcoin forming a Higher High in this tightening range but we where still met with resistance from the previous high of the trend over the last month.
The rejection or double top wasnt ideal to see this continue further as its not confirming a potential distribution through this tightening range.
How ever a tightening consolidation like this can also become an accumulation phase and break to the upside reclaiming that range between 50-60k which would be nice.
Not banking on it though and been sitting in a hedged short for a while expecting price to fall from here, weather its a drop back top 30k or maybe around 42k for a mid term market correction we will just have to wait and see.
The rejection or double top wasnt ideal to see this continue further as its not confirming a potential distribution through this tightening range.
How ever a tightening consolidation like this can also become an accumulation phase and break to the upside reclaiming that range between 50-60k which would be nice.
Not banking on it though and been sitting in a hedged short for a while expecting price to fall from here, weather its a drop back top 30k or maybe around 42k for a mid term market correction we will just have to wait and see.