Bitcoin: A Tale of Two Possibilities

Today, we are looking at the daily time frame for bitcoin, to try and figure out where we are in the trend. I have had this exact chart drawn out for a couple of weeks (see my previous analysis on bitcoin for reference), and it has greatly helped avoid the sideways choppy action that comes after a dump, and is "designed" to grab as much liquidity before choosing it's next direction.

Nonetheless, you can see on the chart that we currently rest beneath the support pocket (red + yellow lines) that we were range bound within for many days before breaking down through it.

Currently, you can see that this previous support pocket, has been flipped into strong resistance. So what now?

Until we firmly get rejected by, or break back into the range, I am remaining neutral and avoiding trading the market. My bias, personally, is bullish, as so far we have held the crucial range of 42.8. I wouldn't be surprised if we re-test that zone one more time before going up, just as we saw with 28.5k before the massive pump that followed.

All in all, nothing too crazy is happening in crypto at this moment, so I'd urge you to zoom out, and look at the big picture! Don't be a victim of the uncertain nature of the market - rather, wait for the direction of the market to be confirmed. In the meantime, I will be creating my trading plan for either scenario !

Please feel free to comment any questions or objections you may have, and if you appreciate my analysis I would kindly ask you to like and follow to let me know! Additionally, if you follow ORCA you can always feel free to dm any individual questions you may have, and i'll do my best to respond in a timely manner.

As always, this is not intended to be financial advice in anyway - just an experienced traders outlook on the market right now!