Bitcoin - Its prime time for bitcoin - BUY or SELL?

In my last post on BTC, it was clear that the signals to buy were not conclusive. In the previous 7 days, we have been trading within a stable range between $8100 - $7625. With this long-lasting consolidation, we are still in a bear & bull trap. Now! with the potential to close above the monthly VWAP (Yellow line) the bulls are starting to taking the lead. This does not indicate a strong buy as the 30-day VWMA (Pink line) is another psychological barrier for buyers. This week is crucial for BTC as we have already seen a 20% pullback from this year high at $9000. At the current price of $8100, BTC pushed back towards $8000, giving HODLers 10% of what they thought they might have lost.

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Conclusion: With the price below the 30-day VWMA (Pink line), Bitcoin is still in a consolidation phase. We need to see the price move above the 30-day VWMA ($8300). If the price of bitcoin drops below $8100, be happy that you can purchase BTC in the value area. Stay patient with bitcoin because once we have broken the $8450 POC, then we will be heading for $9200.

"Patience is the key to any market" - Nathaniel.

Thank you for your love and support.

Regards

Nathaniel - "The value Trader"
Little Big Movement / IONIC Capital