BTC Update
Earlier today BTC dropped roughly 3.7%, falling from around $6,450 down into the $6,200 region. Price wicked the lower end of the support and consolidation zone and was propelled back higher in what is becoming the same old song and dance.
Since the 9th of August, price has consolidated and launched out of this $6,200 zone at least three times. It is apparent that the bulls do not want price to go below this point but we have so far failed to garner the momentum to push above the resistance at $6,600.
Somethings got to give
This sideways action isnt riveting by any stretch but the recent and uncharacteristic predictability of BTC price behaviour is presenting some opportunities to capitalise on price movement within the range.
Currently we are in a no trade zone but should price continue to climb higher to $6,580 or above, we will consider looking at placing some sell orders and ride it back down.
🚨The short squeeze🚨
It looks like the short squeeze has happened after all and is pretty much at our target area for shorts right now.
We are NOT shorting just yet, but rather looking for some kind of bearish rejection candle on 4h to confirm our theory.
#CAVEAT FOLKS