$BTC Last night, after a surge to highs, the price kept consolidating and ranging. Selling pressure above intensified, bullish momentum kept weakening, and key levels were being repeatedly swept as the market waited for a breakout.
With prices stuck in a long range, it has been difficult to push higher; the bulls lack stamina, and there has been stalled upside at elevated levels. At the moment, the risk of going long is relatively high. On rebounds, the long/short risk-reward is quite favorable for shorting. Since upward movement lacks strength, a pullback is likely to be triggered soon. Give up chasing longs at higher levels; on rebounds, shorting is the main strategy.
Trading suggestion: Go short in the 63,700 to 64,400 range. Targets to watch are around 61,400.
With prices stuck in a long range, it has been difficult to push higher; the bulls lack stamina, and there has been stalled upside at elevated levels. At the moment, the risk of going long is relatively high. On rebounds, the long/short risk-reward is quite favorable for shorting. Since upward movement lacks strength, a pullback is likely to be triggered soon. Give up chasing longs at higher levels; on rebounds, shorting is the main strategy.
Trading suggestion: Go short in the 63,700 to 64,400 range. Targets to watch are around 61,400.