We have been in a very tight trading zone in the past 24 hours, with no clear winner in sight. Most recently, we've had some ticks on the upside, but it was greeted with heavy resistance right at the 20 line. That is a bad sign, and an indicator that the sentiment has not changed just yet. On a better note, the 7700 resistance line seems to be holding us up very well. As we continue to trade in this tight zone, expect to slow until a break out occurs. On the daily, we're seeing a bit of a happening (blue lines) when using the bodies of the candles. I don't think this is a strong hypothesis yet.. and so personally, I will continue to WAIT AND SEE.
That said.. here are some nuggets of thought.
Now finally to the point I have been wanting to make. In the past few days, bitcoin/crypto sentiment has been rock bottom. Even the BULLS have gone quiet. Twitter has gone crazy, youtubers are going on vacation and have ceased talking about price movement. I think this might be good news. In the famous (and hopefully not last for us) words of Warren Buffet, be greedy when others are fearful, and fearful when others are greedy. It was a time to be greedy before the previous bounce/bull trap, and the all time lows worth of sentiment, is a time to start thinking. Do we follow the herd? or start making bets against them? Unfortunately, not everyone can be correct.. and..
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
As I write this update, we are about to break the 7700 level.
I have some other things in store for everyone that I am pretty excited about. Hope all of you have had the chance to get some sun.. we have been sitting back and relaxing. More trading to come.. Look out BELOW.
I agree with the sentiment we'll be trading in a 6k-12k range for the next 6 months.
At the moment, I frankly believe that the sideways movement is needed shake down of all the dumb money, so that we can continue moving upward from a new baseline.