Bitcoin is now tightly compressed into a small range. On the 26th, it moved only between 84,380 and 84,500 for the whole day, less than $700 in total range. It closed at 84,400, up 0.4%. Trading volume dropped from 18,000 coins on the 25th to just 8,058 coins. Since today’s opening, only a few dozen coins have changed hands. This kind of extremely narrow sideways consolidation is a typical state before a breakout.
This time is different from last week’s box-range behavior. Previously, it was wide oscillation between 83,000 and 85,000—a $2,000 range. Now it has narrowed to within $700, with the amplitude compressed by more than half. The longer the sideways move lasts and the narrower the range becomes, the stronger the momentum often is once it finally chooses a direction.
My judgment is straightforward: the direction hasn’t been chosen yet, but it can come at any moment. Watch the 84,500 level above—if it breaks through and closes higher with increased volume, then for the short term you can look at 87,000. Watch 84,380 below—if it breaks, then down to 82,000. The worst thing to do in this situation is to chase or sell in the middle. Keep half the position and wait for it to pick a side first, then we’ll follow.
#比特币 #BTC #Market analysis
This time is different from last week’s box-range behavior. Previously, it was wide oscillation between 83,000 and 85,000—a $2,000 range. Now it has narrowed to within $700, with the amplitude compressed by more than half. The longer the sideways move lasts and the narrower the range becomes, the stronger the momentum often is once it finally chooses a direction.
My judgment is straightforward: the direction hasn’t been chosen yet, but it can come at any moment. Watch the 84,500 level above—if it breaks through and closes higher with increased volume, then for the short term you can look at 87,000. Watch 84,380 below—if it breaks, then down to 82,000. The worst thing to do in this situation is to chase or sell in the middle. Keep half the position and wait for it to pick a side first, then we’ll follow.
#比特币 #BTC #Market analysis