A lazy Sunday and Bitcoin has no direction

Pivot point is at 8596. Below the Pivot point, there is a bearish scenario, above a bullish one. Fluctuating around Pivot point means an undecided scenario and a sideways movement.

The price of Bitcoin has no direction right now. Already for the whole day, it is fluctuating around support S1 level. I expect this to continue for a while. Maybe in the evening that we see a move in either direction.

I stay away from trading today.

Comentário:

The down move of BTCUSD did not reach its target at 7740. This is the first time since December 17, 2017 that a down move does not reach its target. It seems that the bear trend is losing some momentum.
The price is heading North right now towards Pivot point. The question is: Will it bounce at Pivot point or will it head towards the brown, dashed trendline and test it again?

Comentário:

BTCUSD is heading towards Point A and will be testing the brown dashed trendline again. Does the upmove have enough momentum for crossing that trendline sustainably? This would lead to a new trend, either an uptrend or a sideways movement. Beware of a possible bull trap.

However, what I expect is that BTCUSD will bounce on that trendline and thereafter lose value rapidly. The next important down targets are 6000 and 5511.