Bitcoin At Support
Bitcoin is sitting at the lows of the larger range, right on a key area of support. Things look predictably shaky, not much for bulls to hang their hats on at the moment, as price continues to drift down.
Does that mean new lows are coming? No. It means we have the crappy price action that we tend to see at this part of the cycle, and little else.
That said, if you are the type to buy support as a trader, the risk reward here is decent for a quick trade. I won’t be taking it.
Does that mean new lows are coming? No. It means we have the crappy price action that we tend to see at this part of the cycle, and little else.
That said, if you are the type to buy support as a trader, the risk reward here is decent for a quick trade. I won’t be taking it.
scott.melker@texaswestcapital.com
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