BTCUSD: Randomness At Its Best Waiting For Better Setup.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD update: This market is trading around the middle of a consolidation. This is probably the most random price action you can possibly get and is best to avoid. The reason is simple: price is consolidating near multiple resistance levels. With the 7896 resistance zone boundary still in play, it is tough to justify swing trade longs at this level.

As I wrote earlier on S.C., price is currently within the 7620 to 7687 minor resistance zone which is a .618 of the recent bearish swing. Overlapping this level is the bearish trend line that has been in play for some time.

On top of that, 7896 is just over 200 points above, which is very possible for this market to test. This level is a reversal zone boundary which means if the break out of this consolidation is going to fail, that is the most likely area for it to happen.

Remember, this does not mean it will fail. Price may very well break through and test the 8185 resistance which I have been writing about for some time.

The idea is to be prepared in case price does present reversal patterns. At S.C., we have nothing to do but watch since there are no patterns worth justifying risk. We are keeping close eye on a number of alts and accumulating them for our portfolios, but that is beyond the scope of this article.

In my earlier report, I talked about the levels that we are interested in. If the market is able to retest, then perhaps we get an opportunity. All we can do is follow our plan, not force on plan on the market.
Comment: BTCUSD quick update: I will be publishing a more detailed report momentarily. Price is now in an area of interest even though it may appear to be ugly. It is just a matter of waiting for a reversal pattern, not "predicting" the market. Remember, when a market looks its worst, that is often a better time to buy.
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BTCUSD update: I will be publishing a new report momentarily on this market. Price action has finally chosen a direction and even though it may appear ugly, price is finally in an attractive area for swing trade longs. I will go over the specific levels in my next update. Remember when markets look their worst, it is often a better time to buy.
+1 Reply
sputnikent MarcPMarkets
@MarcPMarkets, Fully agree!
london55555 sputnikent
@sputnikent, Of course you do because you like to overpay just like all rookie longs that come to our posts and make nasty comments.
Zenter MarcPMarkets
@MarcPMarkets, nice review thank you, waiting your next report. Hoping market turn up again soon :(
I think we'll see a false breakout, then a dump to retest the bottom of the triangle.... (Wishful thinking, of course.)
+1 Reply
WinstonWolf dralerte
@dralerte, Not wishful anymore. Can’t tell if having 1600 wallets holding 1/3 of all BTC is a good thing or a bad thing. They obviously are concerned with self preservation and wouldn’t want the price to get too low. But looks like it’s headed back to 7000.
dralerte WinstonWolf
@WinstonWolf, agreed.... My short target is 7180. If it dis below that, I will be patiently waiting to go long.
Thanks, is Icon one of your coins added to ur portfolio by any chance? just curious :) Also, do you predict a fall of BTC down to early 5k if we dont fail to break resistance?
+1 Reply
Peymana71 Asma7assan
@Asma7assan, I Agree with you totally.I think this weekend we will continue this boring game between 7600-700 and after that most likely to see a bounce that just make a higher high.with no volume there with that spike it will fail certainly.meke me happy if you watch my Real Time BTC focus of btc little movements and edu.
+3 Reply
I think i'm kinda guessing it.
Check the updates and hit the play button. 6600 next.

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