bitcoin btcusd was trading slightly lower tuesday in consolidation while the stock market was closed for independence day the sideways move came after the apex crypto spiked about 2 higher on monday when bitcoin rejected near the 31500 mark the crypto was trading horizontally on far below average volume which settled bitcoin into an inside bar pattern on the daily chart an inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend see also ethereum tops this key level an inside bar pattern has more validity on larger time frames a fourhour chart or larger the pattern has a minimum of two candlesticks and consists of a mother bar the first candlestick in the pattern followed by one or more subsequent candles the subsequent candles must be completely inside the range of the mother bar and each is called an inside bar a double or triple inside bar can be more powerful than a single inside bar after the break of an inside bar pattern traders want to watch for high volume for confirmation the pattern was recognized want direct analysis find me in the bz pro lounge click here for a free trial the bitcoin chart bitcoin’s inside bar leans bullish because the crypto was trading higher prior to forming the pattern bullish traders want to see the crypto break up from monday’s highofday on higherthanaverage volume which will confirm the pattern and also break bitcoin up from heavy resistance at 31418   bearish traders want to see bitcoin continue to reject that level which could cause the bearish double top pattern printed on june 23 and monday to play out   if that happens bearish traders want to see bitcoin break under 30000 on high volume which would cause the crypto to break down under the eightday and 21day exponential moving averages emas   bitcoin’s 50day simple moving average sma is trending above the 200day sma which indicates a bull cycle and gives longterm bullish traders confidence   for shorterterm traders a breakdown from the eightday ema could signal a place for a potential exit   bitcoin has resistance above at 31418 and 35593 and support below at 30050 and 28690