Bitcoin continued sideways today in what feels like never-ending consolidation.
The sideways price action began around March 18th and hasn’t let up since.
But that could change with non-farm payroll (NFP) on Friday.
Of course, there’s no guarantee that NFP will force a resolution to this consolidation, but there’s a decent chance it could.
We saw BTC break higher from the triangle I mentioned the other day.
However, Bitcoin bulls failed to hold new support at $28,240.
We typically see a fakeout like this trigger an extended move in the opposite direction, but we’ll see how tomorrow’s NFP shakes out.
Currently, Bitcoin is catching a bid at trend line support near $27,900.
A close below that opens up the bottom of the March ascending channel at $27,350, with a sustained break below that exposing former range highs at $25,200.
Alternatively, a close above $28,200 would negate the theory that this week’s fakeout will send BTC toward channel support.
I’m in no rush to trade crypto with non-farm payroll on Friday at 8:30 am EST, as we tend to see intense volatility during and immediately after NFP.
I’m not ruling out another rally toward $29,600, but ultimately the odds of a correction from the crypto market later this month are quite high.
