Published On: Thu, May 31st, 2018

Bitcoin Price Analysis: Consolidation Leans Toward a Strong Bitcoin Move

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After days of sudden, strong selling, bitcoin has managed to find a local bottom in the low $7000s where it has been drifting around aimlessly. As many traders on Twitter have noted, we have formed a large consolidation pattern called a symmetrical triangle (outlined in red):Figure 1: BTC USD, 1-Day Candles, Macro Symmetrical TriangleSymmetrical triangles are consolidation patterns that are typically agnostic regarding their breakout direction. However, one important thing to note about this consolidation pattern is it embodies some of the hallmarks of a reaccumulation trading range (TR) — most notable is the volume profile:Figure 2: BTC-USD, 12-Hour Candles, …

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