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RE: Is Bitcoin's price consolidating for another bull run?
If you are right about the abc correction, we should be in an impulse up since the low on January 16th. However, the price movement does not look impulsive to me, therefore I think we are still in the correction. I think there will be another rapid drop in price creating a new low below 9260$ before it goes up again.
I believe there is still room for downward pressure, absolutely. Agree with you here. Hence, we may continue to trade sideways and maybe even hit a new lower low. $7,500 has some support as a level and if this is breached, then we could even test $5,000-$6,000 before a rapid bounce back up.
I really hope this bearish trend does not materialise but on the flip side I am bullish for bitcoin in the medium to longer term.
As far as I am concerned the correction in Bitcoin has been going on long enough. I think the low today at about 8550$ should be the end of this correction. If we start seeing impulsive patterns generating new highs, we could be on our way to the next all time high. Time will tell :-)
What we want and what will happen are two different things altogether. In crypto it seems to be more so.
From an emotional standpoint I'm always saying that's it, the market has bottomed but the technicals from the chart are still suggesting further bearish trend in the near short term. $7,500 is next support.
Will post about this shortly. Thanks.