Bitcoin price marked a new low below $18,000 after a recent price drop in early June. But there was a strong consolidation above $21,000 for a few days before the price drops to these levels and later there was a drop near $20,300. Besides, the bears pulled the price as low as $17,600. Much similar price action is expected as BTC price is exhibiting a hidden bearish divergence to set up a bull trap.
BTC price looks bullish in the near term as it is swinging inside an ascending triangle and is rapidly approaching the top. The asset is expected to maintain increasing consolidation until it reaches the neckline of the pattern above $21,600. Besides, a breakout from these levels could propel the price above $22,700, followed by a further breakdown. This could be a bull trap as the asset is quite bearish in the long term.
BTC price in the higher time frame is indicating a consolidation within narrow ranges for at least 30 to 45 days. The entire Q3 trade is expected to be a range-bound consolidation just above the lower support level of $19,800. However, some breakdowns and rebounds can also be expected. Finally, the top of the huge descending triangle could be hit by the end of Q3 where – a significant price drain could pull the price towards the lower support at $15,500.
Collectively, the market currently appears to have started off with a marked correction, with a strong confirmation of a trend reversal yet to flash. Until then the price of bitcoin (BTC) may remain consolidating and may record new lows from time to time.