What's Good Bitcoin — Sideways Consolidation?
Bitcoin has entered a sideways consolidation since it dropped below 60k and shortly touched sub-58k levels.
Yesterday's attempt to break out and move above 61.5k (the crucial level to break on the LTF) was rejected heavily even before reaching this level.
On the 1H chart, Bitcoin has already entered a downtrend again (based on the VMA). However, so far, the 59k—58.5k level has been strong support.
At this stage, it is hard to predict the next step. On the contrary, it is more important to closely watch the support and resistance levels before entering a trade.
The chart looks slightly more optimistic when we move to a higher timeframe (4H). Based on the VMA, Bitcoins consolidated after a downtrend. With 59k as support, there's a good chance that the price will enter an uptrend next.
Summarized: While we can go lower on the lower timeframe, I expect a bullish move into the weekend.
