Bitcoin has been moving between 9,000 and 8,000 for the last 7 days and it is very likely to keep doing so for the next week.
The Bitcoin price has created a 1,000 points range between these two levels. On May 30th, it made two big movements to 9,000 and 8,000, both heavily rejected with high volume and long wicks. Commonly, this is perceived as the beginning of a new range.
Normally, these zones are hated by traders since future price movements are difficult to predict. However, there are several traders that will open long positions once the price touches the lower band of the range.
Waiting for the breakout and retracement might be the most secure way to trade now, but ranges traders can have good profitable opportunities as well!
The Bitcoin price has created a 1,000 points range between these two levels. On May 30th, it made two big movements to 9,000 and 8,000, both heavily rejected with high volume and long wicks. Commonly, this is perceived as the beginning of a new range.
Normally, these zones are hated by traders since future price movements are difficult to predict. However, there are several traders that will open long positions once the price touches the lower band of the range.
Waiting for the breakout and retracement might be the most secure way to trade now, but ranges traders can have good profitable opportunities as well!