The price of bitcoin has been stuck in a range for over a month now, this is not news. And for the crypto world a month goes over like a year, which makes the price action seem even that much more mundane.
Slow and Low...
So looking at the chart we see that same 30K-41K range bitcoin has been stuck in. We see that price has tested that the 30K level like 800 times as this point (sarcasm included) and is riding this support again.
In fact, not only is it riding the 30K support, the past week has seen price basically stuck between 30k and 34k. You can call it the range within the range.
Here is the point though. The price action keeps getting more compressed, the volume is still light with the exception of a day or two.
All of this usually adds up to the calm before the storm.
Here's the rub; which way is price gonna go!?!?
At some point volatility will kick back in and we will see an large price push. If that is higher then the 41K resistance will be attacked once again. If it is lower than bitcoin likely sees 23K.
Either, the crypto community is likely getting impatient. Waiting around for things to happen isn't exactly an attribute of the crypto crowd.
Posted Using LeoFinance Beta
I am not sure which way it will go. Something will happen either to the upside or downside. There could be some good cash out opportunities or buying chances.
Posted Using LeoFinance Beta
Ug, it's not looking good. We gotta make some moves soon or all the support at $30k gonna go bye bye.
Posted Using LeoFinance Beta
Yeah, would suck to ride down to into the low twenties, just cus I don't want to wait through it before the next leg up!
Posted Using LeoFinance Beta
Ha Ha
I agree it looks like it's going to break up, but it could be a break up or down, TA is wonderful sometimes...
;)
Posted Using LeoFinance Beta
Yeah, feels like breaking down seems so obvious that it probably won't do it. To many people expect it now, who knows though.
Posted Using LeoFinance Beta
When looking at P & F through the lens of the weekly, there is a pretty strong case for a bullish move after another retest of the 30K support (possibly as low as the $28k support). From the perspective of P & F and Wyckoff, BTC looks like it's at the tail end of reaccumulation. That SAR parabolic has me hesitating, but if $28k holds, I'm taking a position. Just my $0.02
Hopefully up and not down. Bitcoin mining has started to recover so this could be a good sign of things to come.
Posted Using LeoFinance Beta
This is the end
Beautiful friend
This is the end
My only friend, the end
Posted Using LeoFinance Beta
I think we're all feeling this right about now...
I know right!?!?! Up, down...do something lol
Posted Using LeoFinance Beta
Your content has been voted as a part of Encouragement program. Keep up the good work!
Use Ecency daily to boost your growth on platform!
Support Ecency
Vote for Proposal
Delegate HP and earn more