Bitcoin (BTC): Defining the Range Using XBT

Looking at Bitcoin (BTC) on BitMEX, we see that the range is becoming clear. The higher end of the range on a 4-hour bar is 9640. Bitcoin (BTC) ran up there yesterday but got rejected. The lower end of the range seems to be 9000. That feels like an application of the theory that an even number provides psychological support.

Bottom Line: We are ok with the fact Bitcoin (BTC) is bound in a range. We believe it gives other cryptos a chance to rally vs. Bitcoin (BTC). It's not alt season, but alts can do better in this environment.