Is Bitcoin Consolidating for a Leg Down?

Is Bitcoin Consolidating for a Leg Down?
December 13 20:10 2018

When looking at the bitcoin chart I favor the daily chart to read trend and make decisions.  However, often I zoom in to get a glance of what is possibly to come.

Consolidate and Leg Down

In this post I’m looking at the 4 hour time frame.  Something jumped out at me on this chart right away and you can see I have circled it in gold.

 

Looking at the chart we can see a theme for the past two weeks.   Sideways price action followed by a sell off, which then leads to more sideways or consolidating if you will.

The thing to note is volume though.  On the two previous instances we so a big lull in volume before a spike that sent bitcoin lower.  Currently volume is still rather decent, which means this has a chance of also being a basing bottom as much as it does a consolidation before selling off.

Flip a coin folks!  There is no blatantly clear read here.  Since the daily chart is still in a sell mode, we do need to give that some more weight.  Tread lightly.

 

 

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scaredycatguide
scaredycatguide

Providing Investing Education for the Risk Adverse

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