Anybody watch that action in Bitcoin yesterday? We did a full range move in the matter of hours. You know what the end result was?
Nowhere!
If any of you have ever watched the movie boondock saints then you know the quote.."Where's this guy going? Nowhere!"
Well, that basically described bitcoin over the last 24 hours.
Looking at the chart above, you can see that bitcoin started yesterday's daily candle near the low end of the range that I pointed out in previous posts.
Then, boom! Price exploded higher just slightly piercing through the top of that range (and I'm sure getting many people excited) only to come cascading back down and give back half the move.
Tether Catalyst?
Many were saying that it was due to people piling out of tether into bitcoin as some confidence was being lost in that coin as a USD stable coin. Either way, at the end of the day we still sit in the range.
Conclusion
The more things change, the more they stay the same.
Until we get out of this stinking range there really isn't much to do (unless you are actively trading, then you can play the range back and forth.)
The good news is we rallied off the bottom of the range and have kept intact. Hopefully we continue to consolidate for a year end rally.
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Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
