Is Bitcoin Consolidating for a Leg Down? by scaredycatguide

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· @scaredycatguide ·
$7.86
Is Bitcoin Consolidating for a Leg Down?
<img src="https://cdn.steemitimages.com/DQmTU84h4TnAgCRuZHJHr9iShthoMYrQWLCjcFVs6cbJsYx/bitcoin-3024279_640.jpg" /><br/>

When looking at the bitcoin chart I favor the daily chart to read trend and make decisions.  However, often I zoom in to get a glance of what is possibly to come.
<h2>Consolidate and Leg Down</h2>
In this post I'm looking at the 4 hour time frame.  Something jumped out at me on this chart right away and you can see I have circled it in gold.

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<img class="alignnone wp-image-2579 size-medium" src="https://mentormarket.io/scaredycatguide/wp-content/uploads/sites/6/2018/12/Capture-5-300x163.png" alt="" width="300" height="163" /><br/>

Looking at the chart we can see a theme for the past two weeks.   Sideways price action followed by a sell off, which then leads to more sideways or consolidating if you will.

The thing to note is volume though.  On the two previous instances we so a big lull in volume before a spike that sent bitcoin lower.  Currently volume is still rather decent, which means this has a chance of also being a basing bottom as much as it does a consolidation before selling off.

Flip a coin folks!  There is no blatantly clear read here.  Since the daily chart is still in a sell mode, we do need to give that some more weight.  Tread lightly.

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<p style="text-align: center;"><em>Published by <a href="https://mentormarket.io/scaredycatguide/">ScaredyCatGuide</a>
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vote details (149)
@geekpowered ·
After last year, it's crazy how low it's gotten...and it kinda does look like it might go lower...but I so don't wanna believe it...
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@public-eye ·
I guess that is good. I recently bought my first crypto in over a year.  Maybe I will keep buying as it drops lower.   Though... a level off and support level would make me much more comfortable....

I still think 2 years from now I will be patting myself on the back from these purchases!

Thx
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@scaredycatguide ·
Yeah, I think buying here down to 1,800 is a very good risk-reward scenario over the next couple years.
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@newageinv ·
Capitulation please come and get it over with!  Have my stash ready to buy and help the rebound higher...

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@rollandthomas ·
It doesn't look good, $3k next stop.
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@scaredycatguide ·
Yeah, 2950 is the line in the sand for me.  Cracks that we are likely seeing 1800, which at this point I'd take a capitulation spike to that.
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