As the old trading wisdom goes: “Never short a dull market”, and although the bottoming process is definitely not over, odds now favor a re-test of the prior lows as a worst-case scenario, with a lot of coins expected to outperform on the down-swings. While the current environment might be frustrating after the furious price swings of the previous weeks, patience is required to avoid over-trading.
As BTC still hasn’t formed a pattern of higher highs and higher lows, short-term traders should remain cautious with opening new positions, despite the positive long-term outlook, and volatility could surge again before a confirmed uptrend.
The support zone near the $7650 level is still looking strong, while the coin continues to challenge the $9000-$9200 resistance area that coincides with the steepest large-scale declining trend. In the case of a break-out, the next levels to watch are at $10,000 and $11,300.
As BTC still hasn’t formed a pattern of higher highs and higher lows, short-term traders should remain cautious with opening new positions, despite the positive long-term outlook, and volatility could surge again before a confirmed uptrend.
The support zone near the $7650 level is still looking strong, while the coin continues to challenge the $9000-$9200 resistance area that coincides with the steepest large-scale declining trend. In the case of a break-out, the next levels to watch are at $10,000 and $11,300.