BTC has been playing ping pong with support and resistance since March 16th.
The $6800-$7300 range has been prime trading space. Longing all dips and shorting the tops when the pull backs start to occur.
REMEMBER, BTC takes the stairs up and the elevator down. It is unusual to see hourly negative trends even if the daily trends are obvious. Currently we have BTC having pumped in correlation with equity markets. I think the stock market is over bought and a fall out is imminent. People cant pay rent, they shouldn't be buying stocks. People haven't worked in months, they likely won't be buying stocks or BTC.
Brings me to my main point. SHORT. You can trade these swings all day and night as long as we stay in this $6800-$7300 (even $7500) range. However, as the longer term timeframe shows we are bearish. Bearish while the economy is getting rekt. Bearish until we get some positive economic movement coupled with a halving!
The $6800-$7300 range has been prime trading space. Longing all dips and shorting the tops when the pull backs start to occur.
REMEMBER, BTC takes the stairs up and the elevator down. It is unusual to see hourly negative trends even if the daily trends are obvious. Currently we have BTC having pumped in correlation with equity markets. I think the stock market is over bought and a fall out is imminent. People cant pay rent, they shouldn't be buying stocks. People haven't worked in months, they likely won't be buying stocks or BTC.
Brings me to my main point. SHORT. You can trade these swings all day and night as long as we stay in this $6800-$7300 (even $7500) range. However, as the longer term timeframe shows we are bearish. Bearish while the economy is getting rekt. Bearish until we get some positive economic movement coupled with a halving!