BTC was looking for a nice wedge consolidation and breakout to the upside, but bulls overextended the price up out of the wedge a little too soon, cancelling the high tension accumulating within it. Without enough buyer confidence to follow through on the early breakout, a 3-wick rejection has occurred so far.
Since the consolidation tension was released too early, and without any pullback to retest the mid-range of the vast pump last week, buyer confidence has waned. Continuing to press for higher prices at this point could prove to be an uphill battle with fewer and fewer buyers to step in. Pulling back to lower levels will give the market more confidence to enter and slingshot prices higher. Bulls should let the technicals work in their favor to achieve the higher prices they are pushing for now with far more ease.
Since the consolidation tension was released too early, and without any pullback to retest the mid-range of the vast pump last week, buyer confidence has waned. Continuing to press for higher prices at this point could prove to be an uphill battle with fewer and fewer buyers to step in. Pulling back to lower levels will give the market more confidence to enter and slingshot prices higher. Bulls should let the technicals work in their favor to achieve the higher prices they are pushing for now with far more ease.