Hey traders, quick update on Bitcoin to the U.S. Dollar. We haven't seen any movement since our run upwards in March to ~$30,000 and have been in an extended period of consolidation since.
At the moment, the bulls and bears are fighting over a 3% range... this isn't healthy for anyone. I am sitting back and waiting for a direction change or a confirmation that we're going to see some movement. I believe if we don't see our spike upwards and run a new high this week, we're going to see a slow bleed down back to $26,000 and eventually $24,000 before spiking up and making our third leg up going into the Litecoin halving.
The yellow range has not been backtested, but neither has the $19,000 level. Starts of bull markets don't need to backtest levels, otherwise how would they advance up?
Litecoin halving should have some effect on the price action as well as couple that with the meme coin craze and you have a cocktail of fresh liquidity.
Again, this is a 3% range and is pointless to argue over bull / bear. Just wait for either a retest of $24,000 or a close over $29,000. This is what we like to call no man's land and you will get smoked trying to long / short unless you have a high risk appetite.
My personal trades on this move i'm making is that i'm long but only with a quarter of my account. I'm waiting for another liquidity spike down to fill the rest of my account or sell the 25% at around $31-36K, whichever one comes first.
I'd say just be patient, markets need time to settle down and cool off before making another leg up.
Be creative, look elsewhere for volatility, because it sure isn't here right now.
As always please do your own research, I am not a financial advisor and this chart is intended for educational purposes only.
At the moment, the bulls and bears are fighting over a 3% range... this isn't healthy for anyone. I am sitting back and waiting for a direction change or a confirmation that we're going to see some movement. I believe if we don't see our spike upwards and run a new high this week, we're going to see a slow bleed down back to $26,000 and eventually $24,000 before spiking up and making our third leg up going into the Litecoin halving.
The yellow range has not been backtested, but neither has the $19,000 level. Starts of bull markets don't need to backtest levels, otherwise how would they advance up?
Litecoin halving should have some effect on the price action as well as couple that with the meme coin craze and you have a cocktail of fresh liquidity.
Again, this is a 3% range and is pointless to argue over bull / bear. Just wait for either a retest of $24,000 or a close over $29,000. This is what we like to call no man's land and you will get smoked trying to long / short unless you have a high risk appetite.
My personal trades on this move i'm making is that i'm long but only with a quarter of my account. I'm waiting for another liquidity spike down to fill the rest of my account or sell the 25% at around $31-36K, whichever one comes first.
I'd say just be patient, markets need time to settle down and cool off before making another leg up.
Be creative, look elsewhere for volatility, because it sure isn't here right now.
As always please do your own research, I am not a financial advisor and this chart is intended for educational purposes only.
