A large pancake has been sideways for a week, reaching 7.78w.
Counting it over seven days, it’s down by a bit more than one point—basically no movement. The momentum from last week, when it surged from 6.9w to 8.12w, is now completely gone.
Yesterday’s high was 7.93w, today’s low is 7.72w—there’s about a 2,000-point range in a day, grinding back and forth. This is digestion. After a rise of more than 10,000 points, someone has to take profits. Someone has to step in and re-enter at this level. No one’s in a hurry—so it just goes sideways.
Today over on the “shanzhai” side, though, it’s lively: BTR is down 40% in a day. Since the big pancake doesn’t move, the funds keep rotating among the small coins. For the past few days, it’s been this pattern.
The truly crucial level is still 7.5w. After it broke above that last week, it hasn’t fallen back below. As long as it holds there, the rising structure hasn’t broken.
Above 8.12w is the previous high—only if it pierces through will there be the next leg. Below 7.5w, if it breaks and can’t climb back for a few days, then things really change.
Between these two levels, I won’t make a move.
In a range, the easiest way to lose money is getting chopped up with back-and-forth trades: chasing longs today and shorting the other way tomorrow—after a few rotations, your principal shrinks by a chunk.
Those two lines on the chart are still being lifted upward; the channel hasn’t broken. Let it choose its direction on its own. #BTC $BTC
Counting it over seven days, it’s down by a bit more than one point—basically no movement. The momentum from last week, when it surged from 6.9w to 8.12w, is now completely gone.
Yesterday’s high was 7.93w, today’s low is 7.72w—there’s about a 2,000-point range in a day, grinding back and forth. This is digestion. After a rise of more than 10,000 points, someone has to take profits. Someone has to step in and re-enter at this level. No one’s in a hurry—so it just goes sideways.
Today over on the “shanzhai” side, though, it’s lively: BTR is down 40% in a day. Since the big pancake doesn’t move, the funds keep rotating among the small coins. For the past few days, it’s been this pattern.
The truly crucial level is still 7.5w. After it broke above that last week, it hasn’t fallen back below. As long as it holds there, the rising structure hasn’t broken.
Above 8.12w is the previous high—only if it pierces through will there be the next leg. Below 7.5w, if it breaks and can’t climb back for a few days, then things really change.
Between these two levels, I won’t make a move.
In a range, the easiest way to lose money is getting chopped up with back-and-forth trades: chasing longs today and shorting the other way tomorrow—after a few rotations, your principal shrinks by a chunk.
Those two lines on the chart are still being lifted upward; the channel hasn’t broken. Let it choose its direction on its own. #BTC $BTC
