Bitcoin is stuck

8 באוג׳ 2023

Hi guys, let's review the current situation on Bitcoin.

Bitcoin stack in a narrow price range between 29600 and 28800. Bitcoin stays in this range for over 2 weeks and it seems like it doesn't know where to go next. Ideally, BTC supposed to drop to 28k but each time bulls are pulling price back above 29k. Yesterday BTC price dropped under 28700 but now is trading around 29300. And it swing like this each time. In this market it's better just to wait when BTC choose next destination. If price manage to break 30k then we can expect price going above 31k but if price reaches 28k then there will be downtrend.
So, at the moment it's better just to wait and observe.

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9 באוג׳ 2023

הערה

Yesterday Bitcoin tested 30k price but didn't manage to hold there. As I indicated in this idea there is possibility that this might happen. Now we have to see how price will develop next. If price manages to break 30k and hold there then this idea can be cancelled and we can expect continue of price rise. Otherwise idea remains the same.

12 באוג׳ 2023

הערה

Lately Bitcoin is playing in stablecoin. Volatility is extremely low and most of the time price is trading in a very narrow range. After recent spike Bitcoin again trading without volatility and almost not moving.
In this case it's better to stay away drom it and just wait for proper movement in any direction.

16 באוג׳ 2023

הערה

Bitcoin price didn't manage to hold above 29500 level and dropped under it immediately. This shows its weakness and that BTC is not ready to attack 30k level. It's more likely that we see drop to 28k very soon, probably on this week.
Overall idea remains the same. Bitcoin continue to trade within narrow price range and is doubting where to go next.