BTC - Bulls vs. Bears. Is this a trading range?

12 May

BTC has given a lot of bullish signals of recovery in the past weeks after a long series of bear behaviour in the last two months.

Even though the price now seems to be in a downward direction, painting lower highs and lower lows in the bigger picture, bulls have retaken the 60k support, and broke out from the descending channel. Bulls tried to break aboive 64k but got heavily rejected at 63.5k, right below the EMA 200 in 4h.

Lastly the price had a good reaction around 60k-60.5k, confirming that bulls still wants to defend this support.

Going lower could be kind of healthy for bulls, in order to reach more liquidity. Bulls may surprise us the upcoming weeks and try to break above 64k-67k, but it still seems very muddy up there to be so optimistic.

Currently the best option for me is getting into trades and take profit as soon as I can. Price seems potentially being into a trading range between 60k and 64k.