BTC healthy consolidation
Jumping off yesterdays charts. BTC had double topped at $6530 but concern was it was getting a bit extended on 4 hour time frame so a break above the double top may struggle with any significant follow through. We were also approaching peak of potential bear flag I had laid out on daily chart.
We saw another attempt by the bulls but lack of follow through last night with a top at $6580 and then some quick consolidation down early this morning to $6378. Perfectly fine with the consolidation at this point and 4 hour RSI is getting a little bit of a breather. If the bulls form a lower high compared to $6580 on this move then we will watch for a potential lower low (lower than $6378). This would confirm our daily lower high should be set and our overall pattern on daily may be trending back towards bottom of the highlighted section. Bear flag potentially still there but it is getting pretty drawn out here so would need to see a collapse/break down fairly soon for confirmation. A break above $6580 and I'll be looking at 26 EMA in low 6600s and then 100 MA around $6775 currently for potential rejection points.
Happy Trading!
Just My 2 Sats!
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