The price of Bitcoin fell to $15,653 on the 9th of November, which was its lowest point since November 2020. But the price has been consolidating. It is forming a symmetrical triangle, which indicates indecision, as the same amount of pressure is applied from both sides.
Making a lower low than the one on the 18th of June could signify that new lows are on the horizon. However, that might not just happen in a straight line.
As can be seen from the hourly chart above, from the 5th of November there was an impulsive move to the downside that clearly ended. What followed was a recovery to significant prior support, now tested for resistance in the $18,000 area. The price is now hovering around the triangle median point and is getting close to its apex.
With a breakout shortly coming the main question is, what would be its direction?
Bitcoin Price: Bullish Count
If the ascending move from the 9th to the 10th of November was a five-wave one, it could imply a
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