BTC: Sideways for 24 hours within an $800 range, volume down to a quarter
Since the morning of Oct. 31, BTC has only traded between 77,114 and 77,897. The Oct. 31 daily candle volume was 6,287 BTC—thin, as it was Saturday—while Oct. 29 and 30 were both above 23,800.
I think this is a market waiting for a signal, not one that has bottomed. Price is still below the 79.8k base it lost on Oct. 30, and no 4H candle has closed back above it.
Yesterday’s trade setup remains unchanged. The 79.3–80.1k short zone hasn’t been retested, so I haven’t entered. If price rallies back there and gets rejected, the target is 76.3k.
What makes me uncertain: the 76,326 low from the early hours of Oct. 31 hasn’t been retested. Since the morning of Oct. 31, price has held above 77.1k, and sellers haven’t managed to push it lower.
If a 4H candle closes above 80,500, I’ll abandon the bearish outlook. Liquidity is thin over the weekend; the start of the week, when volume returns, is when price will choose a direction.
If this sounds reasonable, leave me a heart.
#BTC #Bitcoin
$BTC
Since the morning of Oct. 31, BTC has only traded between 77,114 and 77,897. The Oct. 31 daily candle volume was 6,287 BTC—thin, as it was Saturday—while Oct. 29 and 30 were both above 23,800.
I think this is a market waiting for a signal, not one that has bottomed. Price is still below the 79.8k base it lost on Oct. 30, and no 4H candle has closed back above it.
Yesterday’s trade setup remains unchanged. The 79.3–80.1k short zone hasn’t been retested, so I haven’t entered. If price rallies back there and gets rejected, the target is 76.3k.
What makes me uncertain: the 76,326 low from the early hours of Oct. 31 hasn’t been retested. Since the morning of Oct. 31, price has held above 77.1k, and sellers haven’t managed to push it lower.
If a 4H candle closes above 80,500, I’ll abandon the bearish outlook. Liquidity is thin over the weekend; the start of the week, when volume returns, is when price will choose a direction.
If this sounds reasonable, leave me a heart.
#BTC #Bitcoin
$BTC
