BTCUSD - Short Term Update - 08/15/2024

No real substance in the price action overnight. Really garbage price action. Very corrective and not impulsive, which means there is no direction at this time. Just trading in a range.

Certainly there are short term opportunities but this range trading tends to lead to reckless trading. Don't get caught in the crossfire unless you know what you're doing. Traders tend to get comfortable taking higher leverage swings, but there will be a point where we have a big move in one direction and those that use high leverage will likely get caught in the battle and end up losing way more than they wanted.

I still argue spot is the best strategy in this range and just taking small nibbles here and there on dips. Longer term, it should pay off. I'm not ready for leverage at this time. The failure at 61k/62k tells me we're not ready to break through it just quite yet, especially with the drop back to 58k.

Likely we will see a move back to 54/55 but for now I am simply observing and not rushing anything. I've got all the time in the world and I'm happy with just sitting on my hands.