Bitcoin moved only 300–400 points up and down all day today, with a low of 82,713 and a high of 83,135.
That’s an unusually tight range—the third narrowest in the past three months. The last time was September 26, before that September 5, and earlier still, August 15 and 16.
What happened after those tight ranges? After the one on August 16, it surged more than 2,800 points over the next three days. After September 5, it plunged more than 1,700 points in three days. After September 26, it dropped more than 1,300 points in three days.
The direction isn’t certain, but every time, the move has started at around 1,000–2,000 points.
Put simply, the spring has been compressed to its limit. The longer it’s compressed, the harder it bounces. Once the market opens on Monday, it’ll most likely pick a direction.
We went long the day before yesterday after it climbed above 82,000, with an entry around 82,300. It’s now at 83,000, for an unrealized gain of roughly 800 points.
We’ll keep holding this position, moving the stop up to 82,200—the low from early yesterday morning. If it falls back there, we’ll exit at breakeven, with no loss.
The next target above is 83,600. The night before yesterday, it surged to 83,398, falling 200 points short. If it breaks above that level this time, it’ll mean the spring is bouncing upward, and we’ll target 85,000 directly. #btc $BTC
That’s an unusually tight range—the third narrowest in the past three months. The last time was September 26, before that September 5, and earlier still, August 15 and 16.
What happened after those tight ranges? After the one on August 16, it surged more than 2,800 points over the next three days. After September 5, it plunged more than 1,700 points in three days. After September 26, it dropped more than 1,300 points in three days.
The direction isn’t certain, but every time, the move has started at around 1,000–2,000 points.
Put simply, the spring has been compressed to its limit. The longer it’s compressed, the harder it bounces. Once the market opens on Monday, it’ll most likely pick a direction.
We went long the day before yesterday after it climbed above 82,000, with an entry around 82,300. It’s now at 83,000, for an unrealized gain of roughly 800 points.
We’ll keep holding this position, moving the stop up to 82,200—the low from early yesterday morning. If it falls back there, we’ll exit at breakeven, with no loss.
The next target above is 83,600. The night before yesterday, it surged to 83,398, falling 200 points short. If it breaks above that level this time, it’ll mean the spring is bouncing upward, and we’ll target 85,000 directly. #btc $BTC