Bitcoin Is Trading Sideways For Too Long | Next Big Move Would Be Epic.
Bitcoin has been trading in sideways action for almost 10 days and nothing significant happened during this time. Only a range-bound market with no enthusiasm for trading. Majority of 'live' trades have left the market and High Frequency Trading bots are in action, liquidating high leverage traders. 10 days sideways trading is not normal for Bitcoin, we rarely see these type of things.
So, when is this Big move coming and at what direction could it be?
Well, that next big should come within next 24-48 hours but there's no certainty in trading. For now, we can only assume our positions by analyzing the BTC chart:
As you can see in the chart, Bitcoin is trading above $6430 and have very low volume in current candle. Volume has diminished greatly and majority of people are in confusions regarding the potential movement of Bitcoin. So, let's see all the possibilities:
- If Bitcoin breaks the trend line as you can see in the chart, we can likely to fall under $6000 because of that big move everyone is expecting. First line of support would be $6250 and then $6000. After all these supports. the final one would be $5750.
- If Bitcoin moves up then first line of resistance would be obvious $6630 and then $6830. But if all these resistance get shattered, the last line of resistance would be $7000.
- Bitcoin shorts are still getting higher, indicating a big move upside in Bitcoin, as the marker had done numerous times in the past.
So, be patient and watch the trend. Use stop loss and book profits whenever you get them.
Thanks for reading ...!
