Perspective on the daily time frame

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Bitcoin is still trending in a very long consolidation phase. This is however has brought back another uncertainty and neutral bias in the market. On the daily time frame, I find out another factor that can bring us to another long term consolidation phase.

Looking at the chart, the price is trending slightly above the blue region which is acting as a support and has an alignment with the white support trend line . Therefore, I still see this region as a strong area of support as well. Another view is from the swing high, Since the swing high the price has formed a consecutive lower high structure which in another word forming an important resistance trend line as well. When we draw those 2 trend line in the same time, we can see the price is forming a contracting triangle which usually is unbiased and high number of uncertainty.

For both long and short term, I’ll leave it unbiased because I haven’t seen any sign of significant movement that gives me enough confidence. We may see a bounce toward the golden pocket zone but it could only be a short term relief rally and price is still maintaining lower high structure. Further reaction toward the lower support trend line or upper resistance trend line of this triangle is needed.