Technical analysis by DigitalCurrencyTraders about Symbol BTC on 12/11/2023

As we move outside the third standard deviation we're now watching for the price to move back inside the second standard deviation and complete a 123 formation on a small time frame I'll look for confirming signals on the 5-minute RSI while I'm watching for the 1 2 3 formation. this can often give us a very good risk-to-reward ratio with a very small starting position.I was too early on the signal as price did not complete the 1-2-3 required to confirm the reversal. Price continued to new lows which invalidates this signal.the Nesting 1-2-3 tops are now suggesting a longer period of consolidation may be required rather than a quick reversal for higher prices.