37.75-38K is vital for long term
Bitcoin / United States Dollar COINBASE:BTCUSD
BTC shows some tiredness from constant anticipation of ETF approvement. Any news do not trigger the same action as before. Still, market keeps bullish context and we do not consider any short positions yet.
At the same time, we think that 37.75-38K area will be vital for BTC next step. Breaking of 38K opens road to 42K target, while failure to break it could trigger more extended downside action.
That's why, if you plan to take long position - take this in consideration. Either tight stops when market comes to 38K or use stop buy order above 38K or just wait what will happen.
38K is yearly pivot resistance 1. This is the edge between existing bearish long-term trend and potential new bullish long-term trend. If price remains under YPR1, it means that upside action is just a retracement within long-term downside tendency.