From Monday Aug. 23rd until Monday Aug. 30th, we've been in a "3 Pattern Phase" is what I like to call it.
Last week (Mon. Aug. 23rd - Fri. Aug. 27th) we were in a Bearish Consolidation. Open Price was $50,491 & the next day Open Price was $49,414, this is a indicator that we may continue to see Bearish momentum. We did hit a high of $49,875, but EOD we were at $47,902 which confirms we are creating Lower Highs & Lower Lows for 2 days straight.
Once we broke the Bearish Consolidation upper trendline we hit an Accumulation Phase heading into the end of the week. We close that Friday at $48,955 & consolidate up to 1900 (7:00 p.m.) at $48,828 which is a very strong consolidation for BTC.
That may lead us into what seems to be forming into a Bullish Pennant (Purple), which could get us above that $50,000 mark. Or we pullback too $47,800 which would break our previous low. Then it could lead into another Bearish Consolidation (Yellow) phase through the week as we already went over previously.
Last week (Mon. Aug. 23rd - Fri. Aug. 27th) we were in a Bearish Consolidation. Open Price was $50,491 & the next day Open Price was $49,414, this is a indicator that we may continue to see Bearish momentum. We did hit a high of $49,875, but EOD we were at $47,902 which confirms we are creating Lower Highs & Lower Lows for 2 days straight.
Once we broke the Bearish Consolidation upper trendline we hit an Accumulation Phase heading into the end of the week. We close that Friday at $48,955 & consolidate up to 1900 (7:00 p.m.) at $48,828 which is a very strong consolidation for BTC.
That may lead us into what seems to be forming into a Bullish Pennant (Purple), which could get us above that $50,000 mark. Or we pullback too $47,800 which would break our previous low. Then it could lead into another Bearish Consolidation (Yellow) phase through the week as we already went over previously.
