BITCOIN CHOPPING BACK IN FORTH TRYING TO BREAKOUT?Bitcoin / U.S. dollarBITSTAMP:BTCUSDTradeTheIndexHey Traders another week in the life of trading. This game can be rewarding and tough at times. So back to the crypto world we have Bitcoin going nowhere at the moment. But Showing signs of Strength by Rejecting Support 3 times! This is why I always say you don't need to use indictators because price action (daily open and close) shows you everything! Ok Im not an indicator hater 😂 But just saying why complicate things if you don't have too. Alright enough Monday afternoon humor where are we? Market Bears rejected reistance twice at 123,362 but bulls rejected them 3 times with todays close at that 115,674 level. Seems to me like this level is becoming a line in the sand. Will it breakout or test the highs? or Will it completely Crash and selloff below 112,000? Ahh yes the million dollar question well unfortunately no one has a crystal ball so therefore we are just taking educated bets and guesses. That is why we call it Speculation for those who are new to trading! 😁 Ok Finally Scenario time Bullish- consider buying today after the close with a stop below support at around 110,050. Watch for the resistance level to get tested at 123,362 or higher if breaks above. Bearish- wait for market to break below 112,000 because I think too risky to short here without market proving it wants to go lower first then if you get the break below support sell the rally. COT- it still shows the funds are short selling but last week they just closed off a good amount of short positions. Sometimes we get a flip from short to long if that is happening the market could catipult fast to the upside when those stops are forced by the short sellers getting a short squeeze. Meaning they are forced to buy to stop losing because the stops are getting hit! Good Luck & Always use Risk Management! (Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.) Hope This Helps Your Trading 😃 Clifford RISK DISCLOSURE TRADING IN THE FUTURES AND FOREX MARKET INVOLVES SIGNIFICANT RISK. ALWAYS CONSULT A FINANCIAL ADVISOR AS HIGH RISK ASSET CLASSES MAY NOT BE SUITABLE FOR ALL INVESTORS. THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY ASSETS. ALL IDEAS ARE MADE FOR EDUCATIONAL PURPOSES. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING.