As we can see BTC price is now consolidating in a bearish triangle pattern after a strong bearish impulse. There are two possible scenarios of price moving in that kind of situation.
1. More possible and likely scenario is trend continuation to 3000$ area, which is a strong support zone.
2. Less likely scenario is trend reverse and price moving to 5600-5800$ area, which is a strong resistance zone of BTC.
My personal advice: Be patient, wait until triangle breakout and enter into position after a confirmation.
1. More possible and likely scenario is trend continuation to 3000$ area, which is a strong support zone.
2. Less likely scenario is trend reverse and price moving to 5600-5800$ area, which is a strong resistance zone of BTC.
My personal advice: Be patient, wait until triangle breakout and enter into position after a confirmation.