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Stalking Bitcoin's Consolidation Structure Under 20K

During the 12/18 session, we noted that Bitcoin was forming a triangle against the US Dollar. After that observation, BTCUSD broke below the triangle and continues its bearish correction, testing what we anticipated as support in the 17800-18000 area. 

BTCUSD 1H Chart

  • A head and shoulders turned into a triangle. 
  • Now price action appears to be forming a falling wedge.
  • The structure of this correction so far is choppy compared to the prevailing upswing.
  • This difference suggests that this is indeed a correction to the trend, meaning we should anticipate a completion of consolidation, and a subsequent bullish swing. 
  • But now, these bullish swings will be tested around 18200.
  • If we see the 18200 pivot start to hold as resistance and BTCUSD falls below 17800, we should look for a ride down to 16500. 
  • At this point, a break back above 18500 with a break above the wedge resistance can sign a bullish continuation. 
  • Also, we should make sure the 1H RSI breaks at least above 60 before considering the bullish continuation scenario. 

Bitcoin's (BTCUSD) Growing Pains: China + Jamie + Fork + Flippening + Futures

Bitcoin Under 20K; Head and Shoulders and a Triangle