Should We Be Sleeping On Bitcoin?
Bitcoin appears to be sleeping right now, but should we be sleeping on Bitcoin
because when it is ready to take off, we will not be given much notice as we
have experienced in the past.
We should always keep an eye on the market and read the information that
price is providing for us. To the naked eye, Bitcoin does not look interesting
as we can see price has been stuck in a range between around $30,000 - $65,000.
We can also see that despite price being in a range and moving sideways, price is
creating higher lows and being helped on by the 50 simple moving average.
As the high has remained around the same level ($65,000), the higher lows should
eventually force price into a tight squeeze. What we can expect following a squeeze
is a strong breakout, either above $65,000 or below the 50 simple moving average.
The bias is for a breakout to the upside as price was bullish prior to consolidation.
If a breakout occurs, we can expect a strong move in this crypto.
This is why we do not want to be sleeping on Bitcoin and other assets from any
market that is behaving similar.
As for now, patience is required and attention to detail because most of the
information we need is provided by price.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
because when it is ready to take off, we will not be given much notice as we
have experienced in the past.
We should always keep an eye on the market and read the information that
price is providing for us. To the naked eye, Bitcoin does not look interesting
as we can see price has been stuck in a range between around $30,000 - $65,000.
We can also see that despite price being in a range and moving sideways, price is
creating higher lows and being helped on by the 50 simple moving average.
As the high has remained around the same level ($65,000), the higher lows should
eventually force price into a tight squeeze. What we can expect following a squeeze
is a strong breakout, either above $65,000 or below the 50 simple moving average.
The bias is for a breakout to the upside as price was bullish prior to consolidation.
If a breakout occurs, we can expect a strong move in this crypto.
This is why we do not want to be sleeping on Bitcoin and other assets from any
market that is behaving similar.
As for now, patience is required and attention to detail because most of the
information we need is provided by price.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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