Last week was very eventful for BTCUSD. Breaking out of the
two week long consolidation, the price surged, increasing by around 20%.
However, after reaching a local high on Thursday, the price began
consolidating recent gains and is adjusting to the $60,000 mark.
The positive for bulls is that this consolidation is forming a symmetrical triangle, which we know typically indicates a continuation pattern.
In conclusion, in my view, any dips should be considered opportunities for
buying, and only if the price drops below 59K in terms of daily closing would
this scenario be put on hold.
two week long consolidation, the price surged, increasing by around 20%.
However, after reaching a local high on Thursday, the price began
consolidating recent gains and is adjusting to the $60,000 mark.
The positive for bulls is that this consolidation is forming a symmetrical triangle, which we know typically indicates a continuation pattern.
In conclusion, in my view, any dips should be considered opportunities for
buying, and only if the price drops below 59K in terms of daily closing would
this scenario be put on hold.