Price Aiming for $30000, Followed by a Possible Consolidation
Previous BTCUSD Chart Update:
Since early 2021, Bitcoin has been moving in an approximate range of $30000 ~ $66000. The price movement has been divided into clear bullish and bearish segments. In each segment, we can identify continuous chart patterns supporting each movement.
Currently, the price is moving within a bearish segment. As we previously forecasted in our BTCUSD analysis, the price has broken out of its bearish flag channel, first reaching $33000 level to fill the gap. We expect the price to eventually arrive at the channel support level of $30000. This is a very strong support area and we expect a period of consolidation from this level.
For a bullish reversal to occur from $30000 level, we need to first see a consolidation/reversal pattern being formed. Then price breaking above the pattern would suggest a reversal.
Since early 2021, Bitcoin has been moving in an approximate range of $30000 ~ $66000. The price movement has been divided into clear bullish and bearish segments. In each segment, we can identify continuous chart patterns supporting each movement.
Currently, the price is moving within a bearish segment. As we previously forecasted in our BTCUSD analysis, the price has broken out of its bearish flag channel, first reaching $33000 level to fill the gap. We expect the price to eventually arrive at the channel support level of $30000. This is a very strong support area and we expect a period of consolidation from this level.
For a bullish reversal to occur from $30000 level, we need to first see a consolidation/reversal pattern being formed. Then price breaking above the pattern would suggest a reversal.
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