Bitcoin : Perspective on the daily, another consolidation
During the market cycle, there are 4 phases that all the type of the market to go through. They are the accumulation, mark up, distribution and Decline. During the decline phase usually there is a mini distribution which makes a lot of uncertainty occurring at this phase.
From my perspective on this market, the price may be trending at this mini distribution phase which I've anticipated at the previous paragraph. Price is trending at this triangle which volatility is getting lower and lower over time. During this distribution zone, the coins are slowly being sold by the seller but the buyer are having another buy the dip too. While the price comes closer to the APEX, there will be a constant war between the bulls and the bears where a lot of faking out moves will occurs.
Another factor that is important is on the RSI which is now trending at the neutral zone between the 40 and 60 level and the size of the MACD histogram which is shorter than the previous average histogram that has occurred previously. We'll see a huge wick type of candle as the possible manipulation whenever the price is trending closer at the APEX of this triangle.
I see a potential upside moves in the short term to the $11800 region before the price claims lower to the blue region at $9400 region.
From my perspective on this market, the price may be trending at this mini distribution phase which I've anticipated at the previous paragraph. Price is trending at this triangle which volatility is getting lower and lower over time. During this distribution zone, the coins are slowly being sold by the seller but the buyer are having another buy the dip too. While the price comes closer to the APEX, there will be a constant war between the bulls and the bears where a lot of faking out moves will occurs.
Another factor that is important is on the RSI which is now trending at the neutral zone between the 40 and 60 level and the size of the MACD histogram which is shorter than the previous average histogram that has occurred previously. We'll see a huge wick type of candle as the possible manipulation whenever the price is trending closer at the APEX of this triangle.
I see a potential upside moves in the short term to the $11800 region before the price claims lower to the blue region at $9400 region.
