Bitcoin Sideways Action - Long scenario
Bitcoin is consolidating. This means that we are preparing for something. I expect a scenario with the opportunity to enter long positions. Right now, it looks like we will not break the recent lows and continue to form small higher lows. This to me is an indication that we could see a strong move until the consolidation is complete. That could start this Thursday with jobless claims and Fed Chair Powell's speech or next week when all the data is released and the market will react to things like JOLTS Job Openings and Non-Farm Employment Change.
We can also make a bearish move. I would expect a move to the
65K region to take out the last high from August and then move down to reverse.
We can also make a bearish move. I would expect a move to the
65K region to take out the last high from August and then move down to reverse.
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