terrible and suffocating laterality during the month of February for our reference asset in the world of cryptocurrencies: btcoin. This caused the rest of the cryptocurrencies to also fall sideways as a whole with strong price impacts. (both up and down), which led to the execution of many Stop Losses for the traders and the feeling that the market is stuck in a range.
The month of February was lousy for holders and traders who operate in Swing Trading format (that is, operations opened days in advance). This is because there was such a horrible and continuous range trading throughout the month that only professional scalpers, capable of opening and closing positions in a few minutes, were able to monetize their portfolio and make a profit.
An exclusive Bitget analysis shared with Cointelegraph in Spanish, has commented in recent weeks that $25k resistance is still considered very strong. A nice correction happened that, according to the analysis, probably will not finish, until GAP futures open at $20K close or major bearish guide removedwhich is now at a lower price and already zoned around 19 thousand dollars.
Bitget also provided a chart and scenario for BTC on a 1-day time frame:
In this daily scenario, we can see that the market is now at triple resistance, as shown on the chart:
1) EMA 200 (pink line): Around 21 thousand dollars.
2) Major bearish (red line): (no pullback breakout): about 19 thousand dollars.
3) Pre-fall maximum (meaning that there could be a trading range that would fall into the following price ranges (orange square area):
– 25 thousand dollars up zone
– 18 thousand dollars down zone.
“In this price range, we can operate doing business limited by these zonal price limits”, explains the analysis.
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