Let me first say that I am "not" clear on how the Bitcoin
scaling issues are going to be resolved. In fact, the more I read, the less clear it becomes. So what's a trader to do..? Of course, sitting out until more clarity arrives is never a bad option but then, as traders, what we live for and need is volatility
. And we certainly have that... Add the fierce scaling debate within the community, Crypto haters, HODL lovers, FOMO, I Told-Ya-So's and hack attacks and we've got a beautiful trading gumbo. The only thing we can look at with certainty is price. What's it telling us and where can we find good risk reward
opportunities amidst the mayhem. That's all there ever is as a technician. So, as many have been PMing me for my opinion, here's what I see... no trade "yet." I've learned from painful experience to never try and pick a top or a bottom. Just no need to do it. Now given the daily chart
pattern, which I find impossible to see without a bullish
bias... we've come right up to an obvious resistance point. Channel's edge and the 50-61.8% retracement. I will be very surprised if we can get through $2,540 in this current environment. For the ultra aggressive; there is a very reasonable short there. But I'm a BTC
bull and want the bigger money which I believe makes waiting for the bullish
entry worthwhile. I hope we stall out at the 50% because then we start the set up for the long. And my eyes are on the target up at $3,470.
Until the next pullback, stay technical my friends...