Bitcoin [BTC] Analysis: Price Consolidates as Traders Show Uncertainty
The price of Bitcoin has been consolidating today around an important liquidity point. The daily candle is forming a Doji candle as a result.
A Doji candle is a candle that has the open and closes around the same point.
A Doji typically reflects uncertainty from the side of traders.
With price after trading above and below key point since Saturday, traders are likely unsure of where price is likely headed from here.
Price traded above $3684 on Saturday which was a key resistance point.
Many traders had bullish outlooks once price action overcame this point, but price failed to close above on the daily.
Price followed up with a bearish crash on Sunday which met support at last weeks low of $3476.
The price dropped below this point in yesterdays price action to record a weekly low of $3401.
Price quickly recovered after forming the low at $3401.
It has since been trading around an important liquidity point $3575.
$3575 was a point where price found buyer liquidity during Sunday’s crash.
Overall the outlook is neutral as price continues to consolidate around $3575.
The Doji forming on the daily further supports a neutral outlook.
- Price has been both above and below key levels since Saturday.
- Price action on the daily is currently forming a Doji reflecting uncertainty from traders.
- Price is currently consolidating around $3575, a point where price found buyer liquidity during a bearish crash which took place on Sunday.
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