Bitcoin: Range Break Out This Week?

Bitcoin is stuck in a tight consolidation that can be very confusing and costly IF you get too wrapped up in opinions and typical internet propaganda. To participate effectively in this you either play the range levels on small times frames (see my previous week's analysis) or just stay out completely until a decisive break unfolds. When and which way it breaks is ANY ONE'S guess.

The range support is in the 94 to 93K area. Use time frames like the 5 minute or 15 minute to confirm bullish reversals here and look for small bites. The coming week is the same story as the previous week. The 99K AREA is the range resistance and should be used as a reference point to gauge profit potential for swing trade longs or to anticipate sell signals for aggressive shorts. That is the game plan for the week UNTIL Bitcoin clears one of these price points.

The anticipated move (illustration on chart) is the same as the week before. Please keep in mind this market is sensitive to a variety of catalysts and has a tendency to be affected by the Nasdaq on a intraday basis. Unexpected news can come out of no where and throw off any analysis, especially longer term. This is why it is so important to stay opinion free while focusing on potential opportunities around predetermined price locations, Either the market delivers or it does not.

Part of being a savvy trader/investor is knowing when to simply stay out. Consolidations offer opportunities at the range boundaries, while the WORST place to take action is around the mid point which is the most RANDOM area. There is not much more to say than that. When the market breaks one way or the other, new profit and risk expectations can be adjusted for only then.

Thank you for considering my analysis and perspective.