BTC Update! Tightening range - will it pop up or down?
Well it's been a few days since my last chart update so jumping off of there. At the time we were sitting around $6635 and I was being cautious as first red flag had appeared in my opinion with a slight uptick in bear volume. We then saw some follow through to the downside which dropped BTC to $6452. The bulls did hold $6320 which is a key level on the daily chart and they managed to rally back to a double top now at $6640 area but this was on low volume so did not hold/see follow through.
Jumping to more recent scenario. Price range is tightening up nicely and similar scenario to a couple of weeks ago, we have multiple support areas and multiple resistance areas bunched up close together. These will be stops for both shorts and longs so I would not be surprised again to see a flush down through the supports quickly or a pop up through all the resistances. Direction to me is a toss up as nothing has me leaning one way or the other at this time. But everything in the middle of the tightening range is just a no trade zone for me personally and I have been all cash for multiple days now with no interest in the space until we see the break.
Nearest support areas include $6475, 6452, and 6425. Nearest resistance areas have $6610, 6640, and 6642. Daily, I am still waiting for confirmation if $6823 is our topping out point of this move and if we are going to consolidate further down. A loss of the supports in $6400's will confirm this for me and will then be watching daily chart to hold $6320 and $6106. Looking for a break of this tightening range today or tomorrow and then need to see if it's a bear break, do the bulls buy the dip hard or not and if a bull break, do the bulls see continuation and beat $6823 to move back towards 7k?
Many get bored in this type of range/market as the volatility is not there the last few days but set your price alerts, check in a couple times a day and adjust alerts based on any new lower highs/higher lows and enjoy other things while you patiently wait for more ideal trading environment. There is no need to trade these small ranges in my opinion.
Just My 2 Sats!
Jumping to more recent scenario. Price range is tightening up nicely and similar scenario to a couple of weeks ago, we have multiple support areas and multiple resistance areas bunched up close together. These will be stops for both shorts and longs so I would not be surprised again to see a flush down through the supports quickly or a pop up through all the resistances. Direction to me is a toss up as nothing has me leaning one way or the other at this time. But everything in the middle of the tightening range is just a no trade zone for me personally and I have been all cash for multiple days now with no interest in the space until we see the break.
Nearest support areas include $6475, 6452, and 6425. Nearest resistance areas have $6610, 6640, and 6642. Daily, I am still waiting for confirmation if $6823 is our topping out point of this move and if we are going to consolidate further down. A loss of the supports in $6400's will confirm this for me and will then be watching daily chart to hold $6320 and $6106. Looking for a break of this tightening range today or tomorrow and then need to see if it's a bear break, do the bulls buy the dip hard or not and if a bull break, do the bulls see continuation and beat $6823 to move back towards 7k?
Many get bored in this type of range/market as the volatility is not there the last few days but set your price alerts, check in a couple times a day and adjust alerts based on any new lower highs/higher lows and enjoy other things while you patiently wait for more ideal trading environment. There is no need to trade these small ranges in my opinion.
Just My 2 Sats!
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