Bitcoin Price (BTC/USD) - Reversal OR Continuation? The last couple of days/weeks were truly boring
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BTC has been stuck inside our gray range, and the last couple of days, that range is contracted to form range within a range.
The longer the consolidation, the more aggressive the movement would be after the breakout. So be prepared!
The question is... which way?
Scenario 1: Trend Reversal
For the bulls to take over, we need a daily momentum candle close above the upper bound / gray zone.
In this case, a movement till the upper resistance zone 38k - 40k would be expected.
Scenario 2: Trend Continuation
For the bears to take over, we need a daily momentum candle close below the lower bound / gray zone.
In this case, a movement till the lower demand zone resistance 18k - 20k would be expected.
Which scenario do you think is more likely to happen? and Why?
Always follow your trading plan regarding entry, risk management, and trade management.
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Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
