BTC has been stuck in the same range for 7 months now, is this the time it finally breaks out?
BTC has been going back and forth in the same range since late last year. Goes up a bit, gets pushed down. Dips a little, gets bought back up. 7 months of this. Some wanted to run already ran, overleveraged positions already got wiped, and everyone still here is basically just not moving.
I feel the pressure above is getting weaker. First few times price tried pushing up, sellers were everywhere, couldn't get through at all. But the last few times it went up, selling wasn't nearly as strong. Not saying this means it's definitely breaking through, but fewer and fewer people are willing to sell at this level, that part is pretty clear.
Also, the volatility is getting smaller. Price in a range long enough and the swings just shrink. Every time BTC has done this before, a big move came right after. Either rips up or dumps hard, but it doesn't just keep going sideways.
Checked the long short ratio and open interest on bydfi recently. Everyone's slowly putting on but there's no winner yet. Both sides just waiting for a signal. Once this standoff breaks, it should move fast.
Big picture is better than before. ETF money is still coming in, Morgan Stanley is adding crypto on E*Trade, more and more ways for traditional money to get in. And this kind of money doesn't leave quick once it's in, which is good for a breakout up.
But I'm not gonna try to guess the direction early. Plan is just wait for price to actually hold above the range then follow, not trying to bet on the first move. If it doesn't break out, whatever, support below has been tested too many times already. Shouldn't really drop that far anyway.What's are you guys thinking right now?