In our previous Bitcoin analysis, we talked about the BTC bearish breakdown below a major support zone on the Daily timeframe and warned our readers of the potential move lower that might be setting up to happen soon.
Well, Since publishing that TA, we have seen the BTC price continue to respect our bearish prediction as we consolidate and build momentum for that continuation move to the downside setting up to happen.
In this Bitcoin analysis, we will be breaking down the current price action as well as what we think you should be keeping a close eye on in the coming days.
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Bitcoin in Consolidation Phase. Watch this!
Bitcoin is right now entering a consolidation phase after selling off aggressively from the $100k price region. And when we look left, we see a previous consolidation phase that played out and how momentum poured back into the market once the price consolidation was over.
For Bitcoin right now. we expect the momentum getting built up to be bearish in nature. And once this new consolidation phase is over, we expect to see a massive sell-off in price as we begin to push down towards the $50k price region in the coming days.
So for now, we are still very bearish on Bitcoin and believe this consolidation phase is being used by the BTC bears to build up momentum for a downside break.
Final Verdict!
The Bitcoin bears are in full control and will remain in full control as far as we continue trading below the $70k support zone (now turned key resistance) on the Daily timeframe.
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