By using 50 length weekly bollinger bands, set at Standard Deviation 1, I was able to make a channel that determines whether bitcoin is in an uptrend, downtrend, or neutral. Currently, it looks like bitcoin is still neutral, and with low volume I believe a big move is coming. I am thinking it will probably break out and test $12-14K to trap both bears and bulls before dropping.
I won't be trading this until the price breaks out in either direction, and rallies back to the green trend for confirmation. That's the only way to trade this market.
I won't be trading this until the price breaks out in either direction, and rallies back to the green trend for confirmation. That's the only way to trade this market.