Bitcoin - Still Neutral, Tempting Long

The fork or channel setup from yesterday is now invalidated as price meandered above and below the lower trendline . A clearer picture is emerging - buyers are quick to act whenever price nears 7000. A succession of higher lows leans more bullish , and may be in indication that we are preparing for the next leg higher.

I freely admit that I cannot determine what price will do based on the narratives in the bitcoin market at this time. The fundamental story is bullish , but I have no way of quantifying the effects of the CME and the S2X cancellation. I prefer to let price tell me what to do. If we discount the reaction high, we have just another triangle consolidation in a bull trend. The course of action is clear- remain bullish until price breaks down.

Buy the lower end of the triangle with a tight stop, or a breakout of the triangle. If - and only if - price breaks the 6950 area low, a short can be initiated.

Bitcoin rewards a happy-go-lucky, glass-half-full trader with a blank cheque, but only if the trader displays gratitude, patience, humility and presence.

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