Are we setting up for another big bitcoin drop?
The recent consolidation we are seeing has brought the downward trendline which resulted in price breaking down in November back into my attention.
Price had mostly been consolidating for October to November of 2018 before depreciating around 50%.
We are seeing something similar at the moment with price consolidating and forming higher lows and lower highs.
The trend line may not come into play and may not be relevant since the November breakdown but it is something that I am going to be aware of.
The key resistance level I am currently monitoring is from $4150 to $4250 where the price has found seller liquidity on numerous occasions already.
Let me know in the comments if you feel the trendline from 2018 is still relevant.
Price had mostly been consolidating for October to November of 2018 before depreciating around 50%.
We are seeing something similar at the moment with price consolidating and forming higher lows and lower highs.
The trend line may not come into play and may not be relevant since the November breakdown but it is something that I am going to be aware of.
The key resistance level I am currently monitoring is from $4150 to $4250 where the price has found seller liquidity on numerous occasions already.
Let me know in the comments if you feel the trendline from 2018 is still relevant.
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