We see a huge gain of more than 40% in Bitcoin value during last 2 months. A continuous uptrend pulls the price back from bears and takes it to the value of $28400 (time of writing). During this time we see different Bitcoin news which help boost the price more. Just like the bank issues and the positive FED announcements.

After reaching to the high of $29K, the consolidation phase started which lasts for 16 days and still to the same point. The price moves in the range of $27K to $28500. What actually is consolidation phase? Its a phase when a price is range bound in the specific narrow range.

Also its a phase that helps the investors and traders to take their decisions regarding holding and selling the coin. Also it brings investors and traders back to the market to chose their decision of buying. This phase is very must in the Crypto market which then waits for the breakout to move to the next phase.

IS BITCOIN PRIMED FOR AN UPSIDE BREAKOUT?

Whenever there is consolidation phase, the breakout is must which might be quicker or take time. The long the consolidation phase the better the move towards upside. Its my study that when market is moving upward and when consolidation takes more than 15 days then upside break down is confirm.

This is because the long time market stays to the same range, the more chance its goes upside. Today is the 16 days of consolidation phase and still we didnot see any breakout. This is really a good sign because market gets stable and investors fear had decreased.

I can say that there is about 70% chance for the upside breakout and 30% change for the downside. There is more chances that Bitcoin test the resistance of $31500 which will check the number of buyers and sellers. I am in favour of upside right now because there are more good news in favor of crypto market.

People are moving their cash from different money markets to buy Bitcoin because they are looking at it more secure and profitable. I am feeling that long term bull run has started and this will last for the next three years. Even Bitcoin halving will more boost to the price and give it another relaxation move.

Therefore, there is more chance of upside move and it is the time to go long. Also note that consolidation phase is still not ended and it may takes some more days. A breakout will end this phase to give new price range to the Bitcoin.

What to do you people think whether this phase indicates for the upside move? Do you think the longer the consolidation will create chance for upward movement? Will be glad to see you reply in the comment section.

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NOTE: PICTURES ARE TAKEN FROM CANVA AND EDITED IN CANVA.

DISCLAIMER

Please keep in mind that I am not a financial advisor. Never, ever take anything I say as financial advice. Conduct your own research. Before making any investment decisions, consult with a professional investment advisor! My posts are strictly for entertainment purposes!

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