Bitcoin is trading in the $10,000 - $10, 500 area for the fourth consecutive session today. Still, bulls manage to keep the daily closure above $10,200, which is a good sign for the mid-term.
On Wednesday and Thursday (12-13.02), BTC was rejected twice at $10,500 and since then is not able to consolidate properly and make its move to print a new local high. The uptrend is still intact, but it looks to me we are up for a few days, if not weeks of range trading unless we see a spike in volumes. As we discussed last time, the 24-hour volumes fell off a cliff on Tuesday, from $80 billion to $33 before recovering to values between $45 and $50 billion.
Open interest is also increasing for BTC since the beginning of the month.
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On Wednesday and Thursday (12-13.02), BTC was rejected twice at $10,500 and since then is not able to consolidate properly and make its move to print a new local high. The uptrend is still intact, but it looks to me we are up for a few days, if not weeks of range trading unless we see a spike in volumes. As we discussed last time, the 24-hour volumes fell off a cliff on Tuesday, from $80 billion to $33 before recovering to values between $45 and $50 billion.
Open interest is also increasing for BTC since the beginning of the month.
Hit a like and follow me for more weekly and daily updates.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.