Ranging between $58000 and $61000

[Oshosondy]

I noticed traders that are trading since bitcoin decrement to $58000 are enjoying right now because bitcoin has been ranging between $58100 and less than $61000 since that time up till now. Today is the fifth day since the ranging began between these prices.

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Were you tempted recently increasing leverage? I asked this question because I was tempted and which is not good.

[Sandra_hakeem]

I noticed traders that are trading since bitcoin decrement to $58000 are enjoying right now because bitcoin has been ranging between $58100 and less than $61000 since that time up till now. Today is the fifth day since the ranging began between these prices.

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Whenever the market stays a little bit on a predictable position like this, it's meal time for the big broker-dealer firms, maybe some institutional traders too because they can hold longer trades for better profit. Scalping may still be a game of chance for the weak. We all know that this disruptive bear cycle will last a little longer than expected, especially since a new ATH was broken last year, but then you never know what will befall us an hour from now. I think it's better to flow with the market structure and not do too much.

[Hatchy]

As you can see there, I got one of my sell positions liquidated this morning. At least caught a lot of sell in the previous week and missed a few. From what I can see, bitcoin has over sold and might not be going lower than the price it's resting now. We have a lot of rejection candles all closing bullish on the daily key zones and that will only signify the bulls trying to push price higher. Though the overall bearish bias has still not given us a good reason not to sell but at this point it's better to wait for the best man to win. It's in a consolidation state and since we are heading into the new month the smart ones will want to see how June's candle closed before jumping in on any trade setups. Though this is just my view of the market...

[Gozie51]

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Were you tempted recently increasing leverage? I asked this question because I was tempted and which is not good.

This is a good advise. The price have been slowing down and moving up slightly too which signifies indecision from big buyers and with such sentiment, market won't move until a time where support or resistance will be broken. We are about to enter a new month and that will be more decisive because the close of the monthly candle for this June may show the direction of stronger sentiment. So like you advised, Taking adequate precaution is wisdom. At the moment, the price still looks bearish at $59,200. Sellers are still dumping, maybe the month will end this way to signify further bearish for the 3rd quarter of the year.

[bangjoe]

I noticed traders that are trading since bitcoin decrement to $58000 are enjoying right now because bitcoin has been ranging between $58100 and less than $61000 since that time up till now. Today is the fifth day since the ranging began between these prices.

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Were you tempted recently increasing leverage? I asked this question because I was tempted and which is not good.

The fluctuations that occur in the bitcoin support price range are an interesting momentum for traders because it does not move far and can be predicted well in recent days, but it will not always be like that maybe tomorrow or broad or early in the new month bitcoin could slow down or increase back above $65k, although it looks difficult.

Of course I am very tempted to use it however this is an important moment when the market is on the verge of doubt like now, and thanks for the warning I will not be impulsive only to a reasonable extent according to the calculations and losses that can be accounted for from the positions I take.

[o48o]

I noticed traders that are trading since bitcoin decrement to $58000 are enjoying right now because bitcoin has been ranging between $58100 and less than $61000 since that time up till now. Today is the fifth day since the ranging began between these prices.

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Were you tempted recently increasing leverage? I asked this question because I was tempted and which is not good.

I've been tempted for a long time, but feel like hold my horses as if i choose the leverage, it should be significant enough to be worth it, and i am looking at chart too broadly and while i believe it's not found a bottom, it can still fluctuate to wrong direction, as we have time until that happens.

I am looking at certain levels though and feel like i should make some significant entries in few months. Not yet though because right now all my entries would be based on pure randomness and i just don't see any real risk reward ratio that would be worth it.

[Odusko]

I noticed traders that are trading since bitcoin decrement to $58000 are enjoying right now because bitcoin has been ranging between $58100 and less than $61000 since that time up till now. Today is the fifth day since the ranging began between these prices.

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Were you tempted recently increasing leverage? I asked this question because I was tempted and which is not good.

What we must know is that once bitcoin price drops like this, we should know that the price will get a particular pull back resistance and upfront resistance price two for multiple time until the price will finally go in whatever direction that has most liquidity either to recover above the $65k-$70k or go below the current resistance of $58k.

[Frankolala]

It's not just only within this price range that you mentioned. Whenever, bitcoin price dips or pump and stay on a certain range up to a week, my next plan is to increase leverage because I know it it can be on that price range for two weeks. I got it wrong some months ago and got liquidated. Since, then I have been careful and don't allow myself to be tempted by these side way movement s anymore. it's difficult to understand the market.

[Dr.Bitcoin_Strange]

Your advice/reminder for risk management is good, I also came across a post yesterday by someone who said, "it's easier to find another good entry than it is to find new capital" So it better to protect our capital and know that the aim is to win and not blow our account, better to miss a trade than lose our capital, better to close I'm small lose than letting our account be liquidated. I'm had a fair share of losses last week on my main account that I'm trading with about $100 meanwhile i was profitable on my second account where I trade just Bitcoin.

[Olatundespo]

I am not too keen on increasing leverage during this period of price decline. I am more interested in maintaining more consistency in Bitcoin accumulation. The more you can continue to buy consistently during this bearish period, the more the average value in the portfolio will continue to decrease.

The price decline process has been ongoing since November of last year but it is not unexpected. This period of price decline may even turn into a bull run in the next few weeks. We often call the price of Bitcoin volatile but the price seems to be quite stable in the past few weeks. The current market situation is moving in the opposite direction as much as it was predicted to fall.

[pawanjain]

I noticed traders that are trading since bitcoin decrement to $58000 are enjoying right now because bitcoin has been ranging between $58100 and less than $61000 since that time up till now. Today is the fifth day since the ranging began between these prices.

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Were you tempted recently increasing leverage? I asked this question because I was tempted and which is not good.

This range is tempting indeed. Even I am considering to buy some while bitcoin is still in this range.
But I will avoid leverage as I need to stack more coins to put it in cold storage for long term.
Also, I am thinking to DCA while the price remains under $100k and keep accumulating to increase my overall bitcoin portfolio.
For this reason I do want it to stay below $100k for a while longer. I know I am being selfish here but why not.

[dwyane36]

This range is tempting indeed. Even I am considering to buy some while bitcoin is still in this range.

Of course, everyone has to decide for themselves whether to buy BTC now or wait a little longer. However, personally, I’m going to hold off on any purchases for now, since the bearish trend is still in full swing and, to be honest, I don’t see any signs yet that this trend will end soon. What's more, the narrow range within which BTC has been trading recently may be nothing more than a consolidation phase before the next bearish impulse.

[EL MOHA]

As you can see there, I got one of my sell positions liquidated this morning. At least caught a lot of sell in the previous week and missed a few. From what I can see, bitcoin has over sold and might not be going lower than the price it's resting now. We have a lot of rejection candles all closing bullish on the daily key zones and that will only signify the bulls trying to push price higher. Though the overall bearish bias has still not given us a good reason not to sell but at this point it's better to wait for the best man to win. It's in a consolidation state and since we are heading into the new month the smart ones will want to see how June's candle closed before jumping in on any trade setups. Though this is just my view of the market...

I actually agree with you that bitcoin is actually trying to bottom at the moment but I don’t think it will be at $58000. Yes there was more prediction of bitcoin actually finding a bottom with the range of $50000 to $60000, so $58000 wouldn’t still be out of the equation but it will be surprising most especially with the amount of liquidity around the $56000 region I expect bitcoin to actually come for this liquidity as we all know that the liquidity is exactly what the market usually chases about and even if the market will change trend from here I am actually looking at coming to sweep this liquidity first and then heads straight up then.

Nonetheless I think we are very close to the bottom that’s why there is this market consolidation for a while, usually it’s actually like this before a trend change or even trend continuation