How could I start 2018 off any other way? Other than by posting a Bitcoin chart? 😂
It looks like we've got a nicely defined range in place . . .
. . . where anything can happen, but more often than not they are places where whipsaws frequently occur and traders get their accounts slowly eaten away . . . unless they're very disciplined and buy the bottom of the range (with close stops) and sell the top. These kinds of things are also quite often home to false breakouts as chasers are lured in and trapped. The old saying is that markets trend higher 25% of the time, trend lower 25% of the time, and trade sideways the rest. Trading ranges present good opportunities to take a break, but, in this case, it may well spell trend time in select Alts like STEEM, BTS, SYS, ADA, et al. that could very well moon while BTC "consolidates".
Anyhow, back to the range:
Clear upper and lower boundaries are confirmed by the upper and lower Bollinger Bands with the rising 55 day moving average bringing up the rear. Price is right in the middle, right at the mid-band. The big daily Fib. long is opposed by a now daily short (not shown on the chart). The MACD is trying to turn up at the zero line and the Stoch Momentum is doing the same in an attempt to get out of oversold. We've got 3 hours till EOD, and if we can hold current levels, we'll be able to take the word "trying" out of the previous sentence.
We'll have to wait and see, but right now I'm thinking that it might be a good January (for you know who), or at least not a bad one. Keep your fingers crossed!
