Bitcoin has been range-bound since Friday 18th August. After breaking through down the up trendline that it had formed in late December 22.
A symmetrical triangle between August 22nd and August 26th has resulted in absolutely nothing, just sideways movement on very low volume.
Note that Bitcoin volume and lack of interest in social media are breaking records for the negative these days. We need to go back several years to find a picture like this. This is actually what had been pretty much happening since the end of June, so the tendency keeps going after the breakdown of the trendline formed in December 22.
Note that next week's Tuesday, DC Court of Appeals has next deadline to possibly deliver resolution on SEC vs Grayscale case, let's see what they say. My take is, SEC is losing this one, the question is losing how. Even if Grayscale "wins", which will substantially increase chances of rest of BTC ETF's getting approved, I don't think it will fundamentally change the crypto markets now, but it will give then a solid ground where to stand for the next possible bull run.
Regarding price action, I think Bitcoin has either one or two last leg downs, which may resemble in amplitude the last one we have that broke the December 22 trendline. I have seen many people arguing Bitcoin will put a lower lower this cycle (lower than November 22), or get close to it, I think that is unlikely.
Trade entries are now in the lines of the range. You can go long if price touches the lower one, and short if it touches the upper one. The slower the price moves till it reaches the range line, and the lower volume it has on that movement, the higher the chances it will get ricocheted off. Don't enter these trades if price reaches the line running on momentum (which can be shown also by volume alone, even if price is not necessarily moving quickly). I have marked in blue the entries that built on a good entry scenario, and in red the ones that built on a not-good entry scenario
Bitcoin is not going to remain in this range forever, but there's a chance it keeps moving within it for a while.
Good luck to all
A symmetrical triangle between August 22nd and August 26th has resulted in absolutely nothing, just sideways movement on very low volume.
Note that Bitcoin volume and lack of interest in social media are breaking records for the negative these days. We need to go back several years to find a picture like this. This is actually what had been pretty much happening since the end of June, so the tendency keeps going after the breakdown of the trendline formed in December 22.
Note that next week's Tuesday, DC Court of Appeals has next deadline to possibly deliver resolution on SEC vs Grayscale case, let's see what they say. My take is, SEC is losing this one, the question is losing how. Even if Grayscale "wins", which will substantially increase chances of rest of BTC ETF's getting approved, I don't think it will fundamentally change the crypto markets now, but it will give then a solid ground where to stand for the next possible bull run.
Regarding price action, I think Bitcoin has either one or two last leg downs, which may resemble in amplitude the last one we have that broke the December 22 trendline. I have seen many people arguing Bitcoin will put a lower lower this cycle (lower than November 22), or get close to it, I think that is unlikely.
Trade entries are now in the lines of the range. You can go long if price touches the lower one, and short if it touches the upper one. The slower the price moves till it reaches the range line, and the lower volume it has on that movement, the higher the chances it will get ricocheted off. Don't enter these trades if price reaches the line running on momentum (which can be shown also by volume alone, even if price is not necessarily moving quickly). I have marked in blue the entries that built on a good entry scenario, and in red the ones that built on a not-good entry scenario
Bitcoin is not going to remain in this range forever, but there's a chance it keeps moving within it for a while.
Good luck to all
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