Bitcoin traders fall asleep.  Trades in a $358 trading range.

Bitcoin traders fall asleep. Trades in a $358 trading range.

Look for the break

The technical story about bitcoin today (so far) is “Bitcoin traders fall asleep”.

The low to high trading range is only $358 dollars. The high reached $8674 and the low extended to $8316.  That is not bitcoin-esque.  Heck, the bid/ask spread during the go-go times on the way to $20K rivaled that range during fast-market runs.

The good news is that non-trending does lead to trending. So be on the lookout for a break and something more.

Looking at the hourly chart above, the price action today is centered above and below the 200 hour MA (green line in the chart above). At the extremes, the digital currency is trading in a flag formation and traders are looking for the push that gets this baby running again. 

So, the news headline might be “Bitcoin traders fall asleep” but we all sleep. We all wake up too.

Bitcoin trading will wake up.  

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