Good morning everyone 💐
Markets are cyclical. Experiencing ups and downs is not uncommon.#Bitcoin has been trading sideways around $64,000 for the past 4 days. Coinbase had been making significant spot purchases from $54,000, but stopped in the last two days and made small sales. #Binance is also trading sideways. Despite the sideways movement, volume and RSI are decreasing, indicating we should be cautious.
If the recent rise is not a dead cat bounce and the uptrend continues, an RSI trend break could provide a good re-entry opportunity. In February, $BTC traded sideways around $52k for two weeks before rapidly rising 40% to $74,000, which we caught thanks to an RSI break.
If the uptrend continues, closely monitoring the RSI trend break can help us open new trades. As I mentioned on Wednesday, if this rise is a dead cat bounce and a drop follows, we can exit current positions with profit and stop loss at entry to avoid losses. #ETH_ETF_Approval_23July
With a sensible game plan and proper risk management, we can profit in either scenario. Hope this clarifies the current situation. Wishing everyone a great day and profitable trading.
