Reviewing the 2017/2018 cycle, BTC price consolidated in a descending triangle for several months after reaching the ATH. During this period, the MFI was in a descending trend.
The MFI declined until +/- 2.6 before higher lows.
A similar patter can be for the 2019 cycle but not highlighted in the chart to avoid confusion.
Looking at the current developments, the MFI is again forming a descending triangle.
Based on the review of the historical trend, I expect to see BTC to remain in consolidation until Q4 2021 with a target buy area around $17k-$18k.
Creating the first higher low for MFI can be considered the best moment to enter a long trade until new ATH.
Like if you appreciate the analysis and let me know your thoughts in the comments.
The MFI declined until +/- 2.6 before higher lows.
A similar patter can be for the 2019 cycle but not highlighted in the chart to avoid confusion.
Looking at the current developments, the MFI is again forming a descending triangle.
Based on the review of the historical trend, I expect to see BTC to remain in consolidation until Q4 2021 with a target buy area around $17k-$18k.
Creating the first higher low for MFI can be considered the best moment to enter a long trade until new ATH.
Like if you appreciate the analysis and let me know your thoughts in the comments.
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