Bitcoin Choptoberfest

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 Bitcoin Choptoberfest

 

Bitcoin (BTC) continues to keep playing out the equinox and then slow upwards chop pattern. On a weekly basis the price does drift upwards, but daytraders tend to get chopped up in this environment. The main reason that happens is the lack of patience.

 

By continually attacking the support trend and pushing through it a few dollars at a time it forces most people to cut their positions because they are tired of waiting and will “just buy the breakout”. I say this all from a bull bias because both the fundamentals and the technicals point towards a likely third bull wave for Bitcoin. However, for that to happen people must start shorting the market. Therefore I think the market makers will continue the cat and mouse game of mentioned above and that it will continue until the market gives up buying the dips and/or starts accumulating shorts.

 

Our motto for the season is “relax and wait”. It will be tough to have a margin position on many exchanges due to fees if this extended chop continues. Best trades based on the past 2 cycles were to buy the retraces on the yellow line on the chart. Below that would activate a short position.

 

Charts are powered by the SCMR Analysis Suite on Tradingview.com

BTC Tip-Jar: 18BBg2dhuvxqwoH9u1sVeEwMgMqESAZ79a

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