Following last week's sell-offs, the Bitcoin price is again entering a period of consolidation, but has remained below the 200 moving average for almost a week. At this point, the price remains in the downward channel, with the price action of recent days showing more choppy movements and indecision, and of bulls and bears for direction. On the upper side, the 200 period average remains strong resistance, and below the price will seek support in the area at 7651.
We can accept the consolidation that is emerging as a potential bearish flag with a breakthrough at $ 5900. Alternatively, of course, the flag will collapse if the price manages to break through and hold above the 200 average. In this case we would expect correct movement to the area at $ 9119.
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