Bitcoin: Play Range Until Something Changes.Bitcoin / US DollarCOINBASE:BTCUSDMarcPMarketsBitcoin is still within the Wave 4 consolidation even though some charts show a brief test of the 102K level. While many supports broke, it was BRIEF. This tariff surprise is the kind of thing I warn about every week on my streams: they come out of no where and a chart WILL NOT warn you about something like this. I have been warning about buying into the 125K area and new highs precisely because of this type of vulnerability. From here the key drivers are going to be either we get a negotiation outcome and the tariffs are delayed again OR we get an implementation of the tariffs. On top of that, unless I am missing something we don't have the results of NFP, and other government reports which also hold potential positive or negative surprises. Plus how is Powell going to process this info for the FOMC meeting this month? Massive movements like this often signal a structural change. IF this tariff and trade situation gets worse, it could be the fundamental driver that implies that Wave 5 has completed which could mean we are in the beginning of a broad corrective wave. Keep in mind technicals alone are NOT sufficient for this type of analysis in this situation. Everything depends on the outcome of this China Trade situation. The type of sentiment that we are seeing is typical of this time of year and has often marked the bottom of the "Santa Rally" which is has a tendency to follow in the coming months. As of now, the support and resistance levels are the same. The 108K AREA support for bullish reversals and the 118K AREA resistance for bearish, both specifically on this time frame. IF 118K establishes a lower high, this would be the technical area for a short that can test the 108Ks again and potentially break. This would COINCIDE with a negative tariff outcome. In my opinion, the situation is more likely to be smoothed over. It is hard to believe these new tariffs will be implemented and I would be watching for positive announcements this week. I have little evidence to base this on besides on the behavior we have seen since April. The 113K area which seems to be the mid point of this range is probably the MOST random price location to be taking any swing trade positions. The best way to play this right now while waiting for clarity is to work on smaller time frames, I repeat this every week. Otherwise, there is not much else to do except maintain an open mind and WAIT for a clear signal. Thank you for considering my analysis and perspective,