#BITCOIN - Analysing This Difficult Situation

Bears are now stronger than bulls, there are a number of reasons confirming my statement. Firstly, the support which was previously located at $8630, was shifted lower to $8590. Secondly, the resistance of $8730 is strong, bears actively sell at this level. Moreover, this level is an upper border of the horizontal channel. Down border is located at $8590. We all know how the horizontal channel works. Confirmed by at least 4H candle breakout will determine further price actions.

Petty people read the first chapter and opened SHORT, however it is a wrong decision. During yesterday short squeeze there were triggered thousands of stop losses which not only adds upward momentum to the market, but also gives bulls more profitable position.

Conclusion: if you stay without any position and stick to non-risky model of trading, I would advice you to stay without any position, market is too controversial currently. If you want to open any position, then I would advice you to open LONG after confirmed $8730 breakout and SHORT after confirmed $8590 breakout.