Bitcoin outlook: Refer to daily chart
From the daily chart perspective, Bitcoin is currently forming a consolidation triangle pattern, which is why we advised shorting at 940 on Sunday upon spotting a false breakout signal.
Yesterday, we originally intended to go long on Bitcoin around the 882-888 range, but unfortunately, the opportunity didn't materialize. Since the chance wasn't given, we shouldn't force the entry.
Looking ahead, keep an eye on the 927 area, which is the 0.618 resistance level following this drop and also a horizontal resistance zone on the 4-hour chart. If resistance holds here, consider shorting with a target toward the lower trendline. The current price is around 877.
But remember, as time passes, the trendline price will rise accordingly. By next week, the trendline may shift to the 888-882 range, which coincides with the Bitcoin CME gap level $BTC
