NeoButane

XBTUSD - 15 minute investigations

BITMEX:XBT   Bitcoin / US Dollar Index
Entering a long at the bottom of the diagonal trend line or a short at the top with a tight stop loss is the best position to trade in this zone for speculative trading. Because this zone is so choppy, the safest leverage positions would be over the resistance or under the support zones.

XBTUSD is being squeezed along an uptrend line with resistance around the low $10,000s.

Volume on a different exchange, Bitfinex, has tapered off near completely, with both sides waiting for a big move either way.

What this might be:

an invisible sell wall that is preventing price from rising to accumulate short positions that will pump the price after the wall is lifted and their positions are liquidated into market buys

a bearish scenario where we will lick the bottom $9,000s before we go into a slow uptrend from that bottom.

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