Hello, everyone!
Bitcoin is in the boring consolidation last couple of days, but it can give us the sufficient piece of information what is going to be next. There are no any particular signals now but the scenario on the chart I see as very likely to happen.
The price broke the golden Fibonacci pocket for the last upside impulse and is consolidating just below it. Moreover we saw the multiple attempts to re-enter above 0.5 and 0.61 Fib levels which got rejections. It means that the bears are very strong now and I understand why. The institutional investors on the Bitfinex exchange executed the huge amount of short positions for BTC, while the retail investors, for example, on Binance have 66% of long trades. It means that the crowd now is in buy the dip mode. All these long positions should be liquidated to reduce the “moon” mood. Thus, I expect the price drop from current prices.
The volume and volatility decreased to it’s minimum values which means that the big move is going to be very soon.
Good luck!
