BTC Overall: Consolidation still, ending
2024-12-29
Category: None

As indicated last time, price went below the obvious Range. It didn't quite hit my entry level unfortunately. Overall, while BTC seems somewhat in a precarious place by the look at it, I still maintain we are in consolidation phase, and any drop below the consolidation area will be somewhat quick to recover. This is predicated on the assumption we're still in a bull market, which seems likely given all the evidence.

It seems a slow and halting move up is the most likely outcome from here, just seeing how downside momentum has stalled, RSI indicators have reset somewhat.

I don't think the up move will be immediate. Think it will take more time and be 2 steps forward one back. Market overheated again needs to finish cooling off for the next leg up.