by Miyagi · 03/12/19 0
Since last BTC update, we've seen an increase in volatility. Even though the majority of all of the action has occurred within our current range BTC has dumped 4% and then swiftly recovered pumping 5.3% leading price to new highs for this range.
Once BTC encountered the range high we saw a rejection from there that pushed us back down to our lower bound in the range which triggered a bounce. If we look back at last weeks update, then we can see that our projected trajectory (white line) has almost perfectly been followed by price with some lag of course.
We're still expecting BTC to go along its trajectory (white line) and break range lows. For now, looking to short the 3870-3910 area could be a good idea, but be aware as this could quickly turn sour if the market decides to break out towards the upside. That's why we'd recommend decently tight stops for a position like this one.
BTC being indecisive like this has given altcoins a chance to run freely. Which explains a lot of the pumps we've recently seen on many alts.
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