Bitcoin has been stuck in a range between $10,000 and $8,600 for over 70 days now. A break in either direction will highly likely result in a very volatile move. As of writing the price ($9,185) is currently below the midrange (around $9,270), therefore I’m leaning bearish.
Whenever the price is range bound use its midrange as a compass. You can be bullish above the midrange and bearish below it. However, the price has to respect the boundary on a closing basis.
- The price has to reclaim the upper range (close a daily candle above the midrange)
- The price has to close above the last printed lower high at $9,445
- The price has to stay below the midrange
- The price has to close below the $8,600 range low boundary.
The nearest support and resistance levels are marked with light green and light red areas.