Bitcoin technical: the Consolidation continues for Bitcoin

100 hours of MY catching up to the priceThe consolidation continues for bitcoin since the run up
side stalled on Friday.

Looking at the hourly chart, the consolidation is to enable the 100 hour MA (blue line) to make up for the price. There is still a gap between the MY $5462.17 and the price, but with the MA to move higher, we obtain a test key. Look for buyers on the first look.
Drilling for the 5-minute chart below, the pair has traded above and below the 100 and 200 bar MA on the chart today (blue and green). The pair is testing the 200 bar MA right now at $5631.34. A movement above that MA would swing the bias back to the upside (bullish) for the crytocurrency. Note earlier in the day, the price broke below the MAs, and then tested and held. It is, therefore, a key intraday test for the buyers and sellers. Pass over is more optimistic. Stay below and the sellers take control (there would have been two that have passed the test today).

Consolidations allow the market to digest moves and decide whether to continue or not. The share price in the short period of time tables to see the price of the waffle above and below the moving averages. However, these MAs can also tell a bullish or bearish bias of the story. Now, for bitcoin, we are at an important crossroads. Buyers and sellers will decide. The good news is, this is the risk (and bias) can be defined and limited to the control lines too. Therefore, it is time to listen to the market.

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