BTC April 16, 2024: A New Consolidation Zone

As commented in the related ideas section about BTCUSD , the previous consolidation zone between the 2 white lines, which I expected BTCUSD to break out and hence placed the buy stop order at 71800, already failed on April 13 when BTCUSD broke DOWN its MA-50 on war news. The expected trade therefore was never triggered and I am cancelling it today.

Now we need to wait for a new pattern to come. BTCUSD is currently moving in a bigger consolidation zone which is 60,000 - 70,000. The zone is quite big (15%) to be considered a pattern, and the fact the BTCUSD is trading below its MA-50 makes it harder to take long position.

Waiting time..

Comment:

On May12, 2024, BTCUSD is back below its MA-20, MA-50. The move up above MA-20 last week (May 2-3) was rejected at MA-50.

Both MA-20 and MA-50 are changing their direction to sideway and down, with the price trading below both.

With this situation, I still could not find a meaningful pattern for a long entry.