BTC Consolidates

Yesterday Bitcoin soared with the hopes of breaking above resistance at the 20-day SMA but settled only for a long shadow – another lower low. The trend continues as Bitcoin retraced back to the $56,000 range after going briefly in the $59,000 area. If we look into the chart above we see an example of a breakout from such a pattern of lower lows and higher highs. December starts today and with a downward slowing channel, but bias for BTC remains to the upside