Bitcoin, back in the range?

Are you lost too? We’re making a bearish move, but not too bearish… But what are we going to do now? The good news would be a reintegration of the previous range!

Warning: This article does not constitute investment advice or an invitation to invest. It is for information purposes only. You are the only one responsible for your trading and investment decisions.

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Weeks of trouble

We’ve been in this interminable range for 33 days now! The good news? We’ve broken to the downside, but not too far… bearish movements are usually more virulent when they’re real.

A nice range, for sure. The traders are enjoying themselves and we’re off to the beach. All is calm, far too calm… Alas, the support got hammered and gave way. Fortunately, a much more resistant support took over.

Alas, this is the last bastion. The next bearish attack would bring us back between $25,000 and $20,000. Good news for long-term investors. But will we really have such a great opportunity before the next bull run?

My opinion of the week

As usually, as you know, I give a trenchant opinion, this week I have big uncertainties. Why is that?

First of all, as I said earlier, we’re on a major support. We are indeed supposed to have a bullish bias, but the orderflow is telling me two different things, which really bothers me.

First on the left, bitcoin is neutral, even bullish. It is in an intermediate state, but the long ratio is tending towards 70. Which is more a sign of bottoming, so it won’t take much of a downward movement to finalize a bullish comeback.

On the altcoin side, it’s the other way around, with open interests rising and funding increasing, meaning that a fomo is gradually taking hold. Which is rather bearish, since Bitcoin tends to be used for liquidations.

Conclusion

So we have two completely contradictory pieces of information. The first is bullish (support & orderflow of bitcoin), the second bearish (orderflow of altcoins).

So what do we do with this? For this week, we’re going to look at two scenarios! A bearish one followed by a bullish one.

Something like this would look good, it would liquidate altcoins certainly, and it will be necessary to have a bullish move behind, which would allow a return to resistance.

Don’t hesitate to give your opinion, mine is really in between for once, it’s a change from my certainties (which sometimes get demolished, that’s the game)!

In any case, I wish you a nice hot summer week under the air conditioning while eating an ice cream. And see you soon with a new analysis.. And above all keep your cryptos warm in a cold wallet if you ever hold them.