Bitcoin continues to move within its downward channel.
The good start into the new week has not changed the sideways consolidation that is in place since 13 trading days already.
It will take a decisive move above 11,400 USD (pink) to clearly change the picture towards bullish.
But the small triangle (red) could also resolve to the downside where our buying zone 8,000 – 9,000 USD remains our preferred scenario.
Therefore we currently have two possible directions/scenarios which is typical for a sideways market and consolidation triangle pattern…
Looking at the sentiment the correction since 17th of December has done a very good job in turning the former extremely bullish mood into a pretty pessimistic market expectation. Therefore the bullish alternative is gaining more and more probability…
Let´s be patient and let the market decide!!
