BTCUSD : Consolidation Ahead For A While ($6000 - $3300)
Bitcoin has hit its ATL of 2018 around $3300 as this article is being written. In the previous analysis which was done in relation to 2013 - 2015 price effect, it predicted that BTCUSD was to reach $3300 key support in 2019 but the price has already met that level in December 2018.
However the price seems to be consolidating between the key levels of $6000 and $3300 during the coming weeks before breaking out and starting a bull run as most traders/analysts are expecting. As seen in the chart the previous pattern of upward wedge lines have showed the current situation of price to be alike and the RSI too confirms that the oversold region is in play thus triggering a possible bullish breakout after the anticipated consolidation.
However the price seems to be consolidating between the key levels of $6000 and $3300 during the coming weeks before breaking out and starting a bull run as most traders/analysts are expecting. As seen in the chart the previous pattern of upward wedge lines have showed the current situation of price to be alike and the RSI too confirms that the oversold region is in play thus triggering a possible bullish breakout after the anticipated consolidation.
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