BTC Accumulation - Ranging for 6 to 8 weeks
BTC is in a precarious and slow position. Affected majorly be the larger economy, rising interest rates in March, instability in Ukraine and general Corona recovery but weak economy - we're going to get thrown around.
I would expect BTC to stay range bound between the hard tops at 39-40k and the hard low at 30-25k. This will give a middle range and a no entry area for me in the 35-36k area. When in the middle, you are truly gambling with entries and exits.
I'm currently sat 95% in cash and being patient whilst I wait and be greedy for my entries on the low side, or shorting on the highside.
On smaller time timeframes like the hourly, BTC hit its 0.5 Fibonacci level from its recent push down and rejected hard. This doesn't give me confidence.
We're in accumulation territory. Use this time well.
I would expect BTC to stay range bound between the hard tops at 39-40k and the hard low at 30-25k. This will give a middle range and a no entry area for me in the 35-36k area. When in the middle, you are truly gambling with entries and exits.
I'm currently sat 95% in cash and being patient whilst I wait and be greedy for my entries on the low side, or shorting on the highside.
On smaller time timeframes like the hourly, BTC hit its 0.5 Fibonacci level from its recent push down and rejected hard. This doesn't give me confidence.
We're in accumulation territory. Use this time well.
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