BTC Consolidation – Up or down next?

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BTCUSD traded in a very tight range yesterday and did not give many good trade opportunities. Right now, it is trading around the 49,600 level. My levels highlighted yesterday are still valid today, as bitcoin basically didn’t move.

Trade Opportunities

I am willing to take day trades in both directions, but my bias is currently to the long side. So I am mainly looking to enter long trades on a drop down to the lower part of the current range. I will not enter trades blindly but patiently wait for volume to show exhaustion and then look to get in long, with a stop around the 44,500 level. Should we break down below the 44,500 level, I will be looking for a possible long around the 42,000 level. For a long trade, my target is around the 54,400 level. I will move my stop loss to break even if we get to around a 1,000 USD move in profit.