Yesterday as a result of overnight trading on Tuesday a double top gave us a medium term bearish bias in the bitcoin price The pattern completed mid afternoon and we were able to enter short according to the patterns traditional rules on a neck breaking Postentry price initially moved in the direction wed expected before correcting a little to the upside and consolidating somewhat throughout Wednesday evening This is not unexpected and the bearish trade we entered on the pattern yesterday remains valid On the short term timeframes at least weve some some medium term upside action and with the pattern confirming the end of this action its not unusual to see some sideways consolidation as markets take stock of whats underpinning the volatility

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Key Points

Yesterday as a result of overnight trading on Tuesday a double top gave us a medium term bearish bias in the bitcoin price The pattern completed mid afternoon and we were able to enter short according to the patterns traditional rules on a neck breaking Postentry price initially moved in the direction wed expected before correcting a little to the upside and consolidating somewhat throughout Wednesday evening This is not unexpected and the bearish trade we entered on the pattern yesterday remains valid On the short term timeframes at least weve some some medium term upside action and with the pattern confirming the end of this action its not unusual to see some sideways consolidation as markets take stock of whats underpinning the volatility