The 10th red week in a row?
As I said in my previous Weekly Review, I thought price should break out from this tight range, but it hasn’t. Now it’s time for some changes in my analysis, as Bitcoin has lost pretty much all of its momentum.
I want to make clear that, despite of price barely moving, there is a trend. It’s small, but it exists. Since the start of the week we’ve seen lower highs and lows, with almost perfect rejections on supply zones. I expect the trend to continue until we break out of the current range. However, it would make more sense to be a fakeout, as retail traders are undecided and the likelihood of taking liquidity from both sides is high.
In conclusion, I want to wait for a proper price movement before saying anything more about BTC. And this is the reason this post is also shorter. Remember to trade safely in these uncertain moments and stay tuned for more updates!
I want to make clear that, despite of price barely moving, there is a trend. It’s small, but it exists. Since the start of the week we’ve seen lower highs and lows, with almost perfect rejections on supply zones. I expect the trend to continue until we break out of the current range. However, it would make more sense to be a fakeout, as retail traders are undecided and the likelihood of taking liquidity from both sides is high.
In conclusion, I want to wait for a proper price movement before saying anything more about BTC. And this is the reason this post is also shorter. Remember to trade safely in these uncertain moments and stay tuned for more updates!
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