Bitcoin is consolidating on the weekly chart as we anticipated in this weekly equilibrium pattern. On the daily chart we have lower highs and lower lows. Last night we had an hourly oversold bounce for a quick flip trade. Looking at the 4 hour chart however we have to be cautious because we are setting a lower high coming off of a lower low. This has us waiting patiently for the potential break of $8,000 support to trigger stops. The bulls would need a 4 hour higher low and higher high to change momentum back in their favor on this time frame.
Keep in mind that today is also the last day of the Consensus convention. We have a confirmed bear flag on the daily chart, but the lower wick or lack thereof will be a telling clue as to how much followthrough it gets.
4 Hour Chart:
