Key Indicator Shows Bitcoin Is Likely to Consolidate Despite $14k Break


Bitcoin has undergone yet another rally over the past 24 hours, rallying from yesterday’s lows near $13,300 to highs of $14,250. The coin currently trades for $14,100. A key technical indicator, though, indicates that the cryptocurrency may consolidate as the price action cools down. Bitcoin Primed to Consolidate, Or Even Drop: Key Analysis Shows The chart below was shared by an analyst amid Bitcoin’s latest leg higher. It shows BTC’s price action has recently printed an “Extended 13” candle, which was last seen prior to consolidation in May, June and July. This candle was also seen at the December 2019 lows and the June 2019 highs, suggesting that a reversal is likely. Chart of BTC's price action since the end of 2017 (CME) with analysis by crypto trader Threshold (@Threshandle on Twitter). Source; BTCUSD from Other traders are also calling for Bitcoin to consolidate from here. One trader said…

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