Potential upcoming trading ranges

24 Nis 2021

Some potential BTC trading ranges in the upcoming weeks/months to keep an eye on.

31 May 2021

İşlem aktif

The first support zone was ripped through far faster than I expected, although it acted as support briefly (1-2 days).

It now is acting as a strong resistance zone as expected and the secondary support zone looks like it held up well. I managed to get in some good buys in the secondary support zone and been selling off as it touched the new resistance zone (purple) area.

I am expecting sideways action in and between these two zones until a break in either direction occurs. Myself I think we have peaked for the cycle and will eventually be heading toward the green zone and perhaps lower in the next few months.

Although I heavily discount the theory, I am slightly open to the very small possibility that we may be in an area more akin to the April 2013 mini cycle before heading to higher highs at the end of the year. In any event the short-term strategy is the same and I am trading between major support and resist zones until a more concrete market direction is observed.