The calm before the news. Currently, the market is in a consolidation phase, which is also the reason why trading has been painful for everyone recently; wick reversals and V-shaped recoveries are everywhere.
From a structural perspective: The overall trend is still downward. Looking from the 124 high until now, the market has gone through a cycle of decline—sideways—decline—sideways.
Right now, the market is in a sideways phase. You can see that this consolidation is still forming a bearish flag pattern, quite similar to the last sideways structure.
With the FOMC meeting coming up, be aware that if the trendline is broken and rejected, there could be another downward test.
However, from my own trading perspective: Since the market is currently in a volatile upward movement, I remain bullish in the short term. Unless the trendline is broken.
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$BTC
The calm before the news.
Currently, the market is in a consolidation phase, which is also the reason why trading has been painful for everyone recently; wick reversals and V-shaped recoveries are everywhere.
From a structural perspective:
The overall trend is still downward. Looking from the 124 high until now, the market has gone through a cycle of decline—sideways—decline—sideways.
Right now, the market is in a sideways phase. You can see that this consolidation is still forming a bearish flag pattern, quite similar to the last sideways structure.
With the FOMC meeting coming up, be aware that if the trendline is broken and rejected, there could be another downward test.
However, from my own trading perspective:
Since the market is currently in a volatile upward movement, I remain bullish in the short term.
Unless the trendline is broken.