BTCUSD: Randomness At Its Best Waiting For Better Setup.

BTCUSD update: This market is trading around the middle of a consolidation. This is probably the most random price action you can possibly get and is best to avoid. The reason is simple: price is consolidating near multiple resistance levels. With the 7896 resistance zone boundary still in play, it is tough to justify swing trade longs at this level.

As I wrote earlier on S.C., price is currently within the 7620 to 7687 minor resistance zone which is a .618 of the recent bearish swing. Overlapping this level is the bearish trend line that has been in play for some time.

On top of that, 7896 is just over 200 points above, which is very possible for this market to test. This level is a reversal zone boundary which means if the break out of this consolidation is going to fail, that is the most likely area for it to happen.

Remember, this does not mean it will fail. Price may very well break through and test the 8185 resistance which I have been writing about for some time.

The idea is to be prepared in case price does present reversal patterns. At S.C., we have nothing to do but watch since there are no patterns worth justifying risk. We are keeping close eye on a number of alts and accumulating them for our portfolios, but that is beyond the scope of this article.

In my earlier report, I talked about the levels that we are interested in. If the market is able to retest, then perhaps we get an opportunity. All we can do is follow our plan, not force on plan on the market.

Comentarios:

BTCUSD quick update: I will be publishing a more detailed report momentarily. Price is now in an area of interest even though it may appear to be ugly. It is just a matter of waiting for a reversal pattern, not "predicting" the market. Remember, when a market looks its worst, that is often a better time to buy.