Bitcoin 400 days in the trading range✅✅
Let's look at the global picture on the Bitcoin chart. We will analyze several price movement scenarios and tell you what exactly to do in each of them.
Bitcoin has been in the $60,000 to $30,000 trading range for 400 days. The price is slowly moving in a downtrend. Bitcoin has fallen below the middle of the $42,000 range. And this is not a very positive signal. There are two main scenarios at the moment.
-The first scenario is a reversal of the trend, overcoming the low liquidity levels and breakdown of the upper border of the range. In case of breakdown of this trading range, the price is very likely to reach $100,000 or even much higher.
-The second scenario is a continuation of the decline, collecting liquidity below the trading range, where enough liquidity is very likely to be found. Also below, the marked fundamental value zone of the entire cryptocurrency market. If the price reaches this zone, it will be the best time to buy bitcoin and altcoins.
Personally, we think the first scenario is more likely than the second. Some of our indicators and strategies have started to give positive signals, but this is a market and things can change in a few hours. It is important to follow your trading strategies and do not try to guess the direction of the market. Despite our expectations, we are waiting for signals from our trading indicators, and no matter what we think, we will open and close positions only based on these systems.
Locally, we see price has found its support level and is headed to the nearest low liquidity level (the level where there is no liquidity, where the price is usually not delayed and you can expect a sharp reaction down or up).
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Bitcoin has been in the $60,000 to $30,000 trading range for 400 days. The price is slowly moving in a downtrend. Bitcoin has fallen below the middle of the $42,000 range. And this is not a very positive signal. There are two main scenarios at the moment.
-The first scenario is a reversal of the trend, overcoming the low liquidity levels and breakdown of the upper border of the range. In case of breakdown of this trading range, the price is very likely to reach $100,000 or even much higher.
-The second scenario is a continuation of the decline, collecting liquidity below the trading range, where enough liquidity is very likely to be found. Also below, the marked fundamental value zone of the entire cryptocurrency market. If the price reaches this zone, it will be the best time to buy bitcoin and altcoins.
Personally, we think the first scenario is more likely than the second. Some of our indicators and strategies have started to give positive signals, but this is a market and things can change in a few hours. It is important to follow your trading strategies and do not try to guess the direction of the market. Despite our expectations, we are waiting for signals from our trading indicators, and no matter what we think, we will open and close positions only based on these systems.
Locally, we see price has found its support level and is headed to the nearest low liquidity level (the level where there is no liquidity, where the price is usually not delayed and you can expect a sharp reaction down or up).
💚 Please like and subscribe to us to get more ideas like this.
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