Bitcoin Consolidates But For How Long?
For the second day this week BTC has held above $7k and started to form a channel of consolidation here. Previously it has only spent a couple of days before making a larger move so something could be imminent.
In late trading yesterday there was a dump down to $7,150 according to Tradingview.com but that was quickly recovered to $7,350 where the asset currently trades. On the hourly chart Bitcoin is holding on to support at the 200 hour moving average.
A death cross on this short time frame could spell further losses though. Zooming out to the daily chart still shows a clear down trend with support just above $6,800.
Trader and analyst Josh Rager has held another mini-poll to gauge overall sentiment and it is heavily bearish at the moment. Around 57% of the 2,000 or so respondents think that BTC will drop to $6,500 before it returns to $8,000.
Bearish of bullish on $BTC from this area?
$8k+ or $6,500 first?
— Josh Rager