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Bitcoin is being consolidated between the $30K–$40K price range for about 50 days, forming a sequence of bearish and bullish reversal structures. It was trending inside a similar Triangle-like consolidation pattern until it ultimately broke below the structure’s lower trendline. As a result, its probability of shifting its downside target near $30,000 increased. With the lull in trading volumes and the price continuing to drop, currently I see two possible scenarios for BTC: #1 – going up with further fixing somewhere in the 43-45k zone or further (which is highly unlikely, as BTC didn’t manage to settle above the resistance at $35K) false breakout to 45K with the further return to the flat and going down to 25-23-20K and below.
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