NEUTRAL ON BTC FOR NOW
Whilst this piece on price action on BTC going by the 4-HR dealing range is looking bearish, I would like to still wait and see which side of the dealing range price would attempt to beak (High or Low)?
I would like to see a clearer direction before taking a call on this. If price closes above the dealing range, I would look for sell, If price closes below the dealing range, I would look for sell continuation.
The fact that price mitigated the Fair value gap and started selling calls for buyer's caution and it does not really appear that current fundamentals are favouring BTC as we have see significant sell-offs within the last two weeks.
It is also important for seller to be careful because the more price delivers to the downside, the higher the probability of of possible reversal and we really need to wait for convincing reversal patterns before we make attempt to buy.
Stay safe!!!
I would like to see a clearer direction before taking a call on this. If price closes above the dealing range, I would look for sell, If price closes below the dealing range, I would look for sell continuation.
The fact that price mitigated the Fair value gap and started selling calls for buyer's caution and it does not really appear that current fundamentals are favouring BTC as we have see significant sell-offs within the last two weeks.
It is also important for seller to be careful because the more price delivers to the downside, the higher the probability of of possible reversal and we really need to wait for convincing reversal patterns before we make attempt to buy.
Stay safe!!!
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