Hi traders, I am still sitting in cash, my bias remains bearish until proven otherwise.
Bitcoin.
This is a quick update from my previous post in which I laid out my strategy on this Bitcoin bounce.
I then advocated patience on this bounce and noted that Bitcoin had yet to muster enough momentum to break above the low volume level at $6700:
- I concluded:
I am keeping my powder dry until the market gives me a clear trading edge:
- multi-weeks sideways price action;
or- break out above $6700 with volume;
or- high volume dump to $4400.*
Update.
- So far the situation hasn't changed a notch. Bitcoin is squeezing its way up against resistance...
... but it's doing so on diminishing volume...
... and the larger trend clearly shows a gradual exhaustion of the bulls (each rally being smaller than the last) and the looming menace of that large volume well below $5700:
Consequently I remain extremely careful and not ready to commit more money on this move until I see some convincing breakout above $6700 with volume.
What about you traders, do you see this rally continuing into next week??