A few days after losing an important uptrend support line, the Bitcoin (BTC) market seems to have decided to reverse course and retake this support line. The leading crypto is consolidating within a number of possible patterns, and a short term reversal back up seems to have been effected.
We first look at a 4-hour chart, and see what could have easily been a bear flag broke last night on rising volume. A decent amount of volume has come in, and we see a first leg has reached the lost uptrend (diagonal blue band).
If this precise uptrend support zone holds, we could easily see another leg up to the top of whichever pattern Bitcoin is in.
Moving to the daily chart, we can see the larger forces at work in Bitcoin’s price action. The continuously declining volume first of all signals a consolidation, as price sobers up from the late June top near $14,000. Read More at CryptoGlobe...