Orderly Price Action on Bitcoin of Late
Couple days ago I posted a chart analysis of the bitcoin price action since giving a push off the lows. There has been some additional positive development since that post.
Push and Consolidate
Love a clean looking chart!
When price pushed above 20k we saw a rally to the 21k area and then a nice tigh sideways consolidation before pushing higher again. It really doesn't get any cleaner than that.
Now with that last push to 23k we are seeing the next tight sideways consolidation over the past few days.
Will it give is the same result and push to the next upside target around 25k? That is what we are waiting to see. The price action looks good, the only opposing factor is things are a little overbought in the near-term with stoch-rsi riding in that overbought territory for a bit now. It certainly can stay up there though.
If we do see 25k, at that point I would expect some serious consolidation. Come on whales, prove me wrong let's push to 30k!
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Same old, same old. It's just us forgetting from cycle to cycle about these patterns that have never ceased to repeat.
Spiking to $25k will surely be a solid sign that the market conditions have improved. I see a positive sentiment also on the stock market, so maybe both will push higher in the next period. I am surely looking optimistic about it as I think there is also induced panic compared with realities and market conditions.
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