After 36 hours of sideways action for the BTC price we have formed a tightening EQ pattern which is likely to break within the next couple of hours. We are currently stuck between $6800 and $6700 and it is a no trade zone as we wait for the break out.
Based on the most recent bear volume the EQ pattern certainly favours the bears and I am looking for a bearish trade in this scenario if we can break the bottom purple line I will look to be scaling in sell offs and continuation to the downside. If the price pushes past $6900 I will be looking for bullish trades and confirmation that our daily higher low is set.
This set up can certainly go either way but since there has been no notable bull volume I am currently favouring the bears. Still patiently waiting and letting the price action determine which trade I will be making!
