CRYPTOS Close Another Day In The Red As Consolidation Seems Inevitable

Most likely scenario here -- crypto consolidation. This is extremely likely especially after many days of pullback without a bounce.

Other scenario (but not as likely IMO), is a test of supports to form a higher low (likely with both consolidation and upward move) and then bull volume showing up to break price highs and continue an up trend. Because the shorter term charts have absolutely NO indication of this type of bullish move, this is extremely unlikely.

Since the RSI has been hammered so hard, consolidation is obviously needed to normalize this.

A pullback of the magnitude which we are about to see close (6.4% currently) is not really a sign of a bull flag. It's a pretty big break, and there's not really any sign of the bulls being there to defend on a longer scale.

Bulls did make prices bounce twice on $3,869, but I see this as a small move which will get stuffed at $4,078.

Hope all is well with everyone, I'd expect some sideways action heading into the weekend which will be nice so we can live our lives with ease :)