BTC: Hurry up and wait

٦ يونيو ٢٠٢١

Since May crash BTC Is just ranging and frustrating everyone. The range has create a very large VPVR structure area. If the current support 29k breaks, then the next confluence area 24 - 22K will be the long term buy area. If price manages to break above the no trade zone, then 44.5 - 47.5 area will come in as heavy resistance zone and could setup a bull trap only to drag the entire market down again. Either case, this is the time to be patient for direction traders. For range traders, this is the time to be active. For the next month or two, I will be keeping my eye on ADX/DI. As long as DX is nose diving, we will keep getting the range bound action. As soon as ADX curls up, the next direction will be decided. If DI Minus stays above 25 and keeps building, the next downward move will start. I will personally stay away from shorting and will be a buyer down south. If DI Plus makes ground and pops back up above 20, price will make its way up to the bull trap area. That might be a better shorting option. Let's see how this plays out. Good luck out there.