The daily equilibrium pattern that we have been watching on Bitcoin has continued to play out beautifully. After the consolidation and dump of last night it looks like the bulls are trying to establish a higher low at $8,831.21
We will continue to watch this tightening pattern play out over the next couple of days. A bullish break of the equilibrium with high volume could see a significant move to the upside. A bear break of the pattern could provide a bounce trade opportunity as we would likely fall down and try to form a higher low on the weekly chart.
Daily Chart: Equilibrium Pattern
Weekly Chart: Potential Higher Low
