Bitcoin Awaits New Triggers, Ranges Between $100-$90K

BTCUSD showed some remarkable volatility in the past few weeks. As per our December’s prediction, the Trump rally has ended, and you could have reaped some hefty profits on short plays.

After the bullish trend strength expired, however, Bitcoin is in no rush to tumble down. In fact, the leading cryptocurrency proceeded into a consolidation, ranging roughly between the $100,000 and $90,000 key marks. As a consequence, it offers some solid opportunities to place your trades.

Yesterday, BTCUSD crashed below the lower threshold of the range, but soon after grabbing some liquidity it quickly rebounded upwards. At the time of writing, BTCUSD is trading roughly around $96,700.

Due to the size of this bullish momentum, price has all the chances of reaching the 100K milestone again, but later dynamics will all depend on Trump’s real efforts to back his promises with facts.

For now, a range trading strategy is advisable - trade long from the lower edge, short from the upper edge of the consolidation. In case price manages to break out of this channel and close above the $103,500-$108,000 mark, you might start looking for bigger positions to the upside. Conversely, if the $88,700 threshold is broken, you might unwind your longs and sell the pair.

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