Bitcoin has been rather interesting the past week, climbing and falling in a steady range pattern.
For the hodlers that are after some big price movement, this pattern looks set to continue for a little while longer.
If you’re a scalper then there’s a great chance here for you to make some good trades and keep stacking those stats.
For everyone else, it’s going to be a long road ahead.
It’s Time for the Scalpers
Scalpers are going to have a lot of run with this range market at the moment, with Bitcoin trading firmly between $10,570 and $9,970.
If you’re going to buy in bulk and sell pretty quickly, then you can ride these waves nicely, cashing in on a tasty stack of sats.
At the time of writing, we’re currently towards the bottom end of the range, so expect Bitcoin to bounce off the support level around $9,970 back up towards $10,570.
This process could take as little as two to three hours, or as long as 10 hours, so make sure you’ve got alerts set up.
It took 12 hours for Bitcoin to reach the bottom end of the range from the top end in its latest cycle, with the last two hours being two significantly large selling candles.
There’s a lot of volume swimming around at the moment, so we could ideally see this next peak hit around mid-afternoon East Coast.
Not Enough Liquidity for a Breakout
In a bit more good news for scalpers, there’s still not much liquidity sat on the books around the $10,570 resistance level, meaning that a breakout isn’t likely.
This means the ranging market pattern could be here for a while longer, but as we’ve seen time, time and time again, one whale could place in a few big buys and take us to the moon.
Our long-term targets are still firmly in place, and we’re expecting those to go ahead as our chars predicted.
This is just a small short-term bump in the road and will be over soon, following significant miner capitulation at the start of September.
Miners were responsible for the latest dump, forcing Bitcoin down below $10,000 on multiple occasions since the start of September.
A huge selloff of freshly minted Bitcoin flooded the market, tipping the supply/demand scales heavily in the favor of supply.
But, not to worry, this has created a great opportunity for scalpers to do their thing while everyone else stacks sats in preparation for the next big push.
Will December Be Bitcoin Season?
Flipping quickly to the weekly charts and Bitcoin is still well on course for the $19,000 or so that we’re expecting in December.
This little patch right now is barely making an impact on the weekly charts, so long as the bottom end of the range holds.
Once liquidity builds up in the market, then Bitcoin will resume its course on its bullish medium-term trend line.
Unless you have lots of time on your hands and know what you’re up to, then it’s probably best to wait out this ranging market, as inexperienced traders can get burnt badly trying to play the range.