Bitcoin sideways consolidation
From the top at 69K, the Bitcoin dropped in 3 waves to 32.9K accompanied by a negative slope in the FDI indicator. This slope is highlighting the presence of trend on the bearish side. A bounce also in 3 waves occurred since then, reaching attractors at 2 different degrees of waves (light and dark green) within the ideal speed zone delimited by the 2 blue arrows. This area represents a balance between motive and corrective waves. In the short term, new highs within the attractor are possible, but the long-term pattern needs one low more to the area between 29K to 25K before the new longer degree bullish wave starts. Our proprietary dashboard shows an overall bearish trend.
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