BTC Update! Continues to tighten. Shorts climbing

17 ก.ย. 2018

It looks like today or by tomorrow we should see a break of the continued tightening range on BTC. After the lower low posted yesterday of $6324 we then received another lower high as expected at $6530. Things then did change slightly where the bulls were able to fight off another lower low and instead we have a double bottom at $6411 and $6413. Bulls are attempting to hold this as support now but looking at BTCUSDSHORTS chart and those are climbing as if the bears are preparing to make their move. Bulls could potentially fend this off with a spike in bull volume but are still pretty far off from creating any type of short squeeze unless we re-approach $6600 range. BTC stuck under 4 hour EMAs for the longest stretch since this bounce started back on 9/12 leaves me leaning towards the bears looking to make the next push down this week. All cash for me since the 6500s from this bounce and patiently waiting for the bulls or bears to determine market direction. Tight ranges like this are tough to trade and easier to just relax and patiently wait so for now it's just in a no trade zone personally.

Just My 2 Sats!