BTC - Ranging Behaviour
BTC looks to be ranging between 10120 and 10450 in a horizontal box.
This may be acting as a 'cool-off' period for BTC's larger time frame oscillators to reset.
How to trade this: I wouldn't be trading in this range, as you can see it is extremely risky and there are large upside and downside moves that will stop-out over-leveraged positions both ways.
However, the breakage of either horizontal will likely lead to follow through in the correlating direction.
A break to the downside will lead to price action going down towards $10000 -> 12H 21EMA and also previous support and resistance zone.
A break to the downside will likely mean price action floats up towards 10800-11000. -> Previous resistance, and in line with a downward sloping diagonal trendline from the 2018 highs and the 2019 highs. On top of that, it is also confluent with a 0.168 fib from 14k to 6.4K.
Thanks for reading, have a nice day.
This may be acting as a 'cool-off' period for BTC's larger time frame oscillators to reset.
How to trade this: I wouldn't be trading in this range, as you can see it is extremely risky and there are large upside and downside moves that will stop-out over-leveraged positions both ways.
However, the breakage of either horizontal will likely lead to follow through in the correlating direction.
A break to the downside will lead to price action going down towards $10000 -> 12H 21EMA and also previous support and resistance zone.
A break to the downside will likely mean price action floats up towards 10800-11000. -> Previous resistance, and in line with a downward sloping diagonal trendline from the 2018 highs and the 2019 highs. On top of that, it is also confluent with a 0.168 fib from 14k to 6.4K.
Thanks for reading, have a nice day.
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