Bitcoin Weekend Recap
Bitcoin as foretold in previous reports is ranging in the 30k levels. The consolidation could be nearing a short term end.
There are a couple opportunities you should be monitoring for the future. A possible mean reversion and short squeeze to 48k, or a repeat of the capitulation we saw around 5/19 to 23k-25k.
Currently, traders attempting to profit from the current range will likely be struggling with establishing a bias. In such a case play both sides of the range, and fade extreme impulses to the upside like we saw earlier today with the $36,800 pivotal point rejection. Shorts are still the higher probability trade and all positions should be intraday. Save yourself the mental anguish of buying in the middle of a 30k trading range. Do not rush into any swing trades for the time being. The market will start giving clear signals of what it wants to do.
Price Action: See the trading ranges. It truly is a difficult range. I would call it a no trading zone unless you have your edge already defined.
Idea: You can keep pivoting between the major levels $35,800, $36,300, $36,800, $38,000.
NOTE — Still a no-trade zone for inexperienced traders.
BTCUSD Weekly Chart Macro.
Idea: We will consider opening new swing positions once we let the summer range play out and receive more data about a potential relief rally.
If you want to join our live chatroom filled with other traders to brainstorm ideas we would love to welcome you.
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