So about this 38,000 point trading range on Buttcoin (BTC). Consolidation or Top?
First, before I tell you the answer, I want to say this about that.
“38,000 point trading range.”
LOL
There, now don’t you feel better.
OK, so the answer my friends, is blowing in the wind of crypto trader chat rooms. My answer is blowing out my you know what.
It’s a top.
But certain things need to happen to support that view. The most important of those is that it needs to break down. Call me Captain obvious.
The first support level that needs to break is 45,540 or fight. Then the top view becomes a little more weighty.
But we can see that BTC is at a fulcrum here, aka an inflection point. Up from here, and the bulls have the upper hand. But unless they clear 52,300 with force, they got nothin.
And if it breaks the 200 day MA, which is now around 47,000, bears’ ball.
