Bitcoin Consolidation coming? If we look back at the last ATHs BTC reached since Feb 21st, it was clear as marked vs the RSI line in the chart above that each new ATH came at a lower RSI. So the descend that started gradually from April 18th was in the cards regardless how bloody the finale took place. While BTC may shoot back from here which will NOT result in big move eventually, it is likely that BTC cools down and consolidates for few weeks between the $39.5K and $46.5k. The longer BTC consolidates the narrower the Bollinger Band gets giving BTC a solid support to launch itself to six figures ATH from here.
In order for the above to materialize BTC needs to close a daily candle above $39.5k support. And the Alts.D which is edging towards the 50D EMA to close above it. Once both materialize, we could be having another chance for Alts Season to recover from the recent bloody dip with more gains before riding BTC to six figures eventually.
