This is a short term view of the last 30 days,the market is still fighting to go stay above 4.7 and to break above 5.1$. I’d like to see an increase in volume activity and the BTC/USD going above 5.3$ but at the same time the drop of volatility reduce the risk of this trade that i opened 1 month ago at 5.06$, at the moment it’s a stall in a long congested phase from 4.7$ to 5.3$
As you can see in the chart even the net volume is dropping signaling that buying in the last 3 days is going out of steam, i think that a new drop to 4.8$ is possible before rebouncing again; in any case for who want to give a try i recommend to apply a stop loss under 4.7$ and sell at the resistance around 5.2$-5.3$. For this week the range is the same of the previous week , support at 4.7$ and resistance at 5.3$
When the volatility is so low most of the time is very difficult to have a profit following the indication of an oscillator like the one i use because the underlying noise is equal or even higher then the signal; you have to wait for an exploding volume and a rising price, two important factors that statistically may lead to further advancing prices like what we’ve seen happening last January.
Definitely a very boring period for short term speculators but i remain bullish for long term.