While BTC trading within a tight range 6600-7100 formed a narrow Bollinger Band (BB) and approaches the next Fibonacci Time Extension / Swing Zone 13, which is normally a major swing. Many people are expecting Apr-May to be a bull run. In general, the development of Lower Highs is interpreted as a bearish momentum or at least its continuation. Nevertheless, some of the daily TIs are either nearing the bullish zone or are oversold. I still hold a short from 7040 (TP=6525), which is appearing a difficult one. I am keeping it open with an anticipation that it will hit. Staying neutral with this tight range is better. You may use these BB along with BB% and BBW to open a position post breakout. The bands extremes can be used as a guide when the price hits either the top/bottom, you open a short/long position accordingly. Good luck!
Trade closed: target reached
Swing zone 13 prediction confirmed!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.