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Will bitcoin maintain its bearish continuation or is the price starting to consolidate?

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@lupafilotaxia
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Hello dear readers and friends of @LeoFinance, in my last posts I have been sharing my perspective on the price action experienced by most cryptocurrencies, in each of those publications I have addressed the possibility that it is highly likely that we are at the beginning of a prolonged bear market, now, the movements that developed the Bitcoin over the weekend in my view create an interesting situation that in the following days could define the direction of the price.

It is worth mentioning that there is a bearish sentiment among the masses, as a consequence of the adverse scenario that has surrounded the cryptocurrency market so far this year due to the war between Russia and Ukraine, and also due to the series of regulations that some states have decided to promote in order to control cryptocurrencies in their economic and financial structures.

However, beyond the bearish sentiment prevailing among the masses, it is worth noting that for bullish traders the price of Bitcoin has begun to consolidate in the $28,000 and $30,000 area, and even bullish traders have begun to define strategies to enter the bullish pennant pattern that is displayed on a daily timeframe.

CoinGecko

For bullish traders, the Bitcoin chart has formed a symmetrical triangle with a bullish projection, it is worth noting that this pattern drawn by bullish traders began to form since the beginning of May, and could extend until the end of the month, so it is inferred that the price action could be defined with a large upward movement for the last days of May.

According, to information socialized by experts on multiple cryptocurrency news portals, based on Bitcoin derivatives data investors are pricing in the highest odds of a crash, but recent improvements in the global economic outlook could take bearish traders by surprise.

Now, based on the latest estimates and sideways Bitcoin price action, and the symmetrical triangle formation of bullish projection visualized by traders, I would like to know your appreciation on the following questions:

What do you think is the direction the Bitcoin price may take in the next week, will the Bitcoin continue its bearish trend or will the price start to consolidate?

Cointelegraph Bitcoin’s current setup creates an interesting risk-reward situation for bulls. Link

The cover image was designed by the author: @lupafilotaxia, incorporating image: CoinGecko