The recent spikes to the 8250 may look like a break out, but it is just a probe. Even though it breached its previous High of 7400, Price was not able to hold above it.
What this tells me is that:
1.Buyers are strong
2.Sellers are strong
3. With both ends strong i am expecting a range to form between 7200 and 6900 if sellers are able to break the current Support.
In the event it happens, i will need to fade the sellers out and wait for a significant buyer to breach and hold above that range.
As of now, BTC and the USD are both strong, i would expect alot of spikes in the range which is gonna try to stop out the buyers. So i would not try to buy at the bottom of the range blindly.
I am not saying this will happen, but instead these are the signs i would like to see if i were to consider going long.
What this tells me is that:
1.Buyers are strong
2.Sellers are strong
3. With both ends strong i am expecting a range to form between 7200 and 6900 if sellers are able to break the current Support.
In the event it happens, i will need to fade the sellers out and wait for a significant buyer to breach and hold above that range.
As of now, BTC and the USD are both strong, i would expect alot of spikes in the range which is gonna try to stop out the buyers. So i would not try to buy at the bottom of the range blindly.
I am not saying this will happen, but instead these are the signs i would like to see if i were to consider going long.
