A week ago, the market was on shaky ground as volatility went through the roof with massive drops in portfolios seen across the board. However, this past week was relatively boring and stable as the price of Bitcoin (BTC) is now in a narrow range.
This narrow range is confusing the majority of traders as it is not hinting at any direction for further momentum. Will Bitcoin break back above $11,000 or will the markets close the CME gap at $9,650? Let’s take a closer look at the charts.
What are the crucial levels for Bitcoin?
The U.S. Dollar is the currency to focus on right now. As weakness returns to the U.S. dollar, it’s likely to expect that other asset classes like gold, silver and Bitcoin continue their uptrend.
BTC/USD 1-week chart. Source: TradingView
An often-made mistake by traders and investors in the markets: forgetting to zoom out. It’s very important to check higher time frames to