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Assessment: Market popped back up yesterday, but hardly anything exciting. It is simply that bulls moved back to decent resistance and bears had trouble holding the selling that they achieved on Friday. It can be a frustrating market that if you try to trade will create a very slow bleed in your portfolio. Neither bulls nor bears have been making any major money the past two weeks. Let’s hope that finally changes and someone breaks out.
In crypto, I still think for Bitcoin the optimal bullish setup would be a sell-off to $55,000, some strong consolidation at that price and then a move back up. There just isn’t enough price support from $55K to $75K (it almost got there). So, you need to start building a base of support. Still tough to buy here, but also one of those where you don’t want to be caught with a short position when this launches like a rocket again. Sit and wait right now is the way I see it.
Bitcoin: https://sblk.io/s/gYxBULFzTXsk6CnB
Good luck in your trades!