Sorry for being once again a day late. I was hoping that BTC might show some more direction after the weekly close, so I decided that this post was best written on Tuesday. Unfortunately, in a macro sense, it is still a snooze fest.
If you remember my post from last week, you will know I mentioned two trading ranges (TRs) I figured are dominating the charts. If you look at this week's chart, you can see what I mean.
You can also see that once again we got rejected by the top of TR 2. I can try and imagine all kinds of scenarios that would lead to us breaking out of the TR and moving back up, but unless we see a sudden revival of legacy markets and a big relief for the economy, I am highly doubtful that will happen. What I think is most likely we will see is something like the movement below. Don't take the levels too seriously, but I would not be surprised if they are not too far off. Depends on how the market develops.
Of course there are many alternate paths that BTC can take. I am not a fortune teller. And yes, it can go up, down or sideways. That is how markets work. I am still patiently awaiting on the sidelines. No time for investment in speculative assets. Great time to trade though. Moves are pretty predictable. For those who know what they are doing, these are the good days.
As always: be safe, trade safe and have fun doing both!
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