As seen here on this BTCUSDT showing weekly and monthly charts, we can see that we are still inside, inside month. 2 clear months of consolidation, we know that a break one way or the other must come eventually. But how can we tell which way it will go? Well, we cannot. However, we can make notes on what the price has done, what patterns emerge, and what they may tell us about upcoming strength or weakness.

Bulls:
We already know the monthly situation, bulls are waiting patiently for the price to get to $43.1k to turn this month’s bar green. Once that happens, buyers will seemingly be in control, after a 3 months + selloff, and a near 2 month consolidation, for the apparent change in trend. However the trend will not necessarily change until price gets above, or below the monthly mother bar that we are still inside of. Once it gets above $47,990, we can then say the trend is changing, and continue to watch the trend as it approaches magnitude of our drawn broadening formations. Until then, we have to be aware of more back and forth action..

Bears:
Bears have clearly been in control in the new year. After strong selling since November, there isn’t a bear that would be wrong for saying they have been doing work. And we know from understanding the true nature of price action, that although we are consolidating for the past 2 months, the price has yet to actually reverse, meaning that there is still a case (especially with all of the madness happening in the world) that the price can continue tp plummet to the downside if the conditions favor it. WE KNOW THIS. And since we watch the longer time frames like a hawk, we also MUST KNOW that the yearly, quarterly , and now monthly time frames are all seemingly coming back into their ranges, as opposed to simply breaking down further. If you are a BTC bear, your target for a short swing would have to be at least below the previous month low of $34.3k, but more properly , below the low of the problematic mother bar from Feb at $32.9k. This would be for a swing short.

As always, we stay on the charts and watch closely for changes in trends, wait for magnitudes of micro broadening formations to be hit, and look for reversals into old ranges, as well as expanding ranges into new highs or lows. By looking at all time frames and properly drawing these broadening formations we can near perfectly understand the action and give ourselves the BEST entrances into new trades from the sweet spots at bottoms or tops of triangles!