BTC window for a new uptrend is shrinking
BTC has continued to make lower highs over the past 5 months and the window for a new uptrend is shrinking.
A move below the $6400 could see Bitcoin test the 4700-4650 area before another relief rally occurs. As each day passes, we continue to wait and see if BTC can start trading above the green downtrend line. A move above that line and a trend change on the daily chart would help put wind in our sails as we look for opportunities on the 1 hour, 2 hour, and 4 hour charts.
With a possible trend change our trading range could extend up towards $10,000 before hitting overhead resistance.
What to do now
Right now, patience is key to letting BTC resolve the tightening pattern either to the upside or downside. Presently the chart is in a spot referred to in tennis as "no-man's land", ie you're stuck between getting to the net or retreating to the baseline. It looks like the trend should resolve itself within the next few weeks for a clearer picture.
Best of luck!
A move below the $6400 could see Bitcoin test the 4700-4650 area before another relief rally occurs. As each day passes, we continue to wait and see if BTC can start trading above the green downtrend line. A move above that line and a trend change on the daily chart would help put wind in our sails as we look for opportunities on the 1 hour, 2 hour, and 4 hour charts.
With a possible trend change our trading range could extend up towards $10,000 before hitting overhead resistance.
What to do now
Right now, patience is key to letting BTC resolve the tightening pattern either to the upside or downside. Presently the chart is in a spot referred to in tennis as "no-man's land", ie you're stuck between getting to the net or retreating to the baseline. It looks like the trend should resolve itself within the next few weeks for a clearer picture.
Best of luck!
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