Got a nice little bump yesterday following the price consolidation last week on bitcoin. The move took bitcoin to nearly 24K with the 25k resistance looking clear in sight, but then in came the red candle today.
Looking at the daily chart above you can see the nice consolidation that was had after the prior push up (which really all came in one day with mediocre volume).
Then yesterday we got that green candle and it looked as if the next push ensued so 25K would be the expectation, but today we are seeing red. Maybe it is cause the stock market is down as well, maybe not, but either way price is testing the bottom side of the tight range from last week.
As long as price stays above 22,300 then the tone of price action remains the same in the near-term. A drop below would potentially swing short-term momentum negative.
Ideally we just consolidate some more before pushing for that 25K target.
