Bitcoin Analysis: BTC momentum fades as it enters consolidation

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Let’s take a look at Bitcoin today. In this article, I covered the initial breakout of an upwards sloping triangle pattern. See figure1, now we have advanced to the next, and arguably more important level as Bitcoin traded into its major $47.000,the key resistance. 

As Bitcoin traded around the place of its largest accumulated volume build up since early 2021, it starts to become clear that the price consolidates as it makes up its mind, see figure 2.

With this observation it is safe to assume that this gives us a clear resistance level at $47.000, and support at $45.000, which is an area where daytraders participate currently. Should it break below $45.000 level the series of higher highs and higher lows have come to an end, and a new local downtrend is established where we could possibly see a decline in price to its nearest support levels located at $39.000.

We should break $47.000, then the $50.000 dollar would be the next psychological level to tackle. Until then, the region in between is where the action is at.

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