So we are in somehow in status quo. The price of BTC got stuck between $6250 and $6450. This is exactly between TenkanSen (red line) and Weighted (VWEMA – orange line). The major shows up on Bitmex which means that people just trade there in order to earn a couple of bucks more. This pure speculative so we don’t actually know how BTC will behave. Current data is inaccurate and burdened with a big error.
So the only reasonable strategy is to wait now.
First of all, we need more interest/volume on common exchanges such as Bitfinex, Binance or Bittrex.
We need both individual and institutional money.
As many say we also think we have to wait till final decision, regarding ETFs on BTC will be made.
As it was postponed in August and price heavily dipped we may expect an extreme reverse of this trend once we get some positive news regarding above mentioned ETFs. So time will tell.
Looking at the chart and Weis Waves indicator, we can clearly see there so no interest in buying or selling BTC whatsoever. Simply there are no moves on the side.
Good point is that we don’t have extensive supply on the table but this is not enough. We need more demand. Right now it is completely arid.
As marked on the chart we got stuck between TenkanSen and VWEMA. This is so since a couple of days so we need a stronger impulse to beat for good at around $6450 level.
– they show the span of the highest height and lowest low and of course they outline the trend. Good news is that we bounced off from the bottom of this indicator but the bad is we didn’t cross the middle line (brown line) at the level around $6500.
So level $6450 - $6500 is really important to break. Not with just one pin, bar or shadow. We need a solid break with a large one candle or a couple of smaller ones.
The only positive news derived from the chart is the fact that since a month $6000 level was defended 5 times. We should not go any lower than the price marked by the red .
We also think we should be moving up at the end of this month when public opinion won’t manage to keep quiet and first gossips and rumors regarding will be spread out. No matter true or not people don't want to miss out so FOMO impulse might be the thing.
What are your opinions guys?
Do you feel the same?
Your likes and opinions will be highly appreciated.
Thanks for reading.