BTC: Chop Market
The NOTORIOUS $6500-$7500 price zone is the ultimate butcher shop. Volume is fading and the price - as I incorrectly speculated a breakout yesterday - seems to be headed into the chop zone for the next few weeks as we saw in December 2019 as well as most of 2018.
The Daily - not shown on chart - is met with the 50MA resistance as well as the Death Cross few weeks ago. Price seemingly recovered but the bulls look exhausted. Mirroring the US Stock Market, this may not be the ideal time period - between this month and next month - to participate in leveraged trading, unless scalping. This account, however, focuses on swing trades and pattern trading on higher time frames.
Regarding the Alts - however - this would be the best time to shine while Bitcoin remains locked in within this range.
The Daily - not shown on chart - is met with the 50MA resistance as well as the Death Cross few weeks ago. Price seemingly recovered but the bulls look exhausted. Mirroring the US Stock Market, this may not be the ideal time period - between this month and next month - to participate in leveraged trading, unless scalping. This account, however, focuses on swing trades and pattern trading on higher time frames.
Regarding the Alts - however - this would be the best time to shine while Bitcoin remains locked in within this range.
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