Bitcoin has been looking lifeless the last couple days. We are seeing a slow decline to our mentioned area of interest at $8350. Trader TJ expects BTC to stick to these levels for another week before breaking out. Additionally, TJ points out that on the 4H/MTF we would be shoring this level only if we get into the red box area on the chart without any significant volume again. At the moment TJ is looking to load up on long positions and will indicate if anything changes.
Erik on the other hand wants to point out that the people that have been running these prices with crazy spikes and odd numbers are making Bitcoin really hard to trade. Erik has been adjusting his strategy due to its dynamic price action and the fact that there is no logic to its trading pattern. For now Erik thinks we are in the sideways to downward action and wants to see bitcoin get under the levels it has previously traded at. He mentions that he expects shorts to cover under the 7200 area. His overall logic is based off of pure statistics and he has been accounting for the volume and behavior of the Wales in order to profit in the future.