The price of Bitcoin is in a two-month-long consolidation. It just hovers above $30,000, unable to break and hold below, but also unable to bounce from support. One may want to avoid the lengthy consolidation and wait for the market to move first. Bulls may have a case if the price of Bitcoin bounces above $40,000 and closes there on a daily basis. On such a move, courageous traders may try to go long with a stop-loss order at the lows and a risk-reward ratio of 1:2.
But bears have a better case. On a daily close below $30,000, bears may want to sell short Bitcoin with a stop at the highest point in the right shoulder consolidation. Get back at me with your feedbacks
But bears have a better case. On a daily close below $30,000, bears may want to sell short Bitcoin with a stop at the highest point in the right shoulder consolidation. Get back at me with your feedbacks