BTCUSD: Consolidation nearly finished, lookout below!
The market appears to have nearly exhausted all business in this consolidation zone. We're very near the downward trendline on the daily chart. The MAs have rolled over on the 30min chart and VWDB on the 30 min has turned negative again. I stopped publishing with the daily and 30min charts side by side because I work on an ultra wide monitor and Tradingview squishes the aspect ratio down until the charts are unreadable.
The next level of interest on the daily chart is the 12600 area. This is former resistance that may act as support. It's an old level from August 2020, so who knows what will happen when the market reaches that level.
Fundamentally, USD strength should continue to create headwinds for the BTCUSD pair. Gold has taken it on the chin the past few trading sessions and I expect BTC to follow in short order.
Leveraged traders should use the top of this consolidation zone as their stop loss. Spot traders should remain in cash for now.
The next level of interest on the daily chart is the 12600 area. This is former resistance that may act as support. It's an old level from August 2020, so who knows what will happen when the market reaches that level.
Fundamentally, USD strength should continue to create headwinds for the BTCUSD pair. Gold has taken it on the chin the past few trading sessions and I expect BTC to follow in short order.
Leveraged traders should use the top of this consolidation zone as their stop loss. Spot traders should remain in cash for now.
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