Just a brief analysis.
BTCUSD was rising on an upward channel, breaking the trendline at 11954, aggressively.
RSI was indicating weakness on the movement, which was confirmed with a strong bear resistance.
Likely, as well, many buyers lost hope, and closed their positions after a "correction" with more than 50%, expecting a reversal of the trend, which made the "reversal" even scarier.
But the bull market was stronger.
It bounced back, and corrected properly around the fib of 38%.
Seems like a new consolidation of the price was established. Can be further proved by the VWAP.
BTCUSD was rising on an upward channel, breaking the trendline at 11954, aggressively.
RSI was indicating weakness on the movement, which was confirmed with a strong bear resistance.
Likely, as well, many buyers lost hope, and closed their positions after a "correction" with more than 50%, expecting a reversal of the trend, which made the "reversal" even scarier.
But the bull market was stronger.
It bounced back, and corrected properly around the fib of 38%.
Seems like a new consolidation of the price was established. Can be further proved by the VWAP.