Evening all,
Full TA in the video as usual. Some notes:
Remember to hit the BOOST
-Firstly, apologies I ran out of time but believe I covered everything
-Bitcoin currently holding on to trendline support, the bottom of the range support and fib support - an area of confluence - will it hold?
-The bigger picture - Bitcoin is trading in a large rising wedge which is a bearish pattern. A very bullish move would be a move higher to test the upper trendline of this pattern.
-Smaller picture Bitcoin was trading in an ascending triangle but formed from a price drop. An ascending triangle is a price continuation pattern and we were expecting a break lower which has now happened.
-All we can do right now is wait until an opportunity presents itself.
-If Bitcoin does break lower then the measured move is around 15100 - 15600.
-If it holds we could see Bitcoin trade in a range for an extended period.
-The whole of 2023 could be sideways movement before the price eventually continues higher. If so understanding the range Bitcoin is trading in early could be very valuable. Where are key support and resistance? What is the very upper range limit and the very lower range limit?
- In the video, I mention a long-term strategy that traders should start to think about now. The question to ask yourself is
"What coins do I want to be holding for the next 12-36 months and will they generate the maximum return for my investment."
Even if Bitcoin moves lower or takes another leg down I think the buyers will be there in mass and the price may not remain that low for very long. Also, there will be a lack of sellers who will suddenly flip bullish. So think about strategy now and not so much about catching the very bottom. Blink and you could miss it.
This is not trading advice.
Thanks for taking the time to watch the video.
Be patient and stick to your strategy!
Please hit the boost button if you like this update.
Back tomorrow.
Thanks
SIMON BPOI
Full TA in the video as usual. Some notes:
Remember to hit the BOOST
-Firstly, apologies I ran out of time but believe I covered everything
-Bitcoin currently holding on to trendline support, the bottom of the range support and fib support - an area of confluence - will it hold?
-The bigger picture - Bitcoin is trading in a large rising wedge which is a bearish pattern. A very bullish move would be a move higher to test the upper trendline of this pattern.
-Smaller picture Bitcoin was trading in an ascending triangle but formed from a price drop. An ascending triangle is a price continuation pattern and we were expecting a break lower which has now happened.
-All we can do right now is wait until an opportunity presents itself.
-If Bitcoin does break lower then the measured move is around 15100 - 15600.
-If it holds we could see Bitcoin trade in a range for an extended period.
-The whole of 2023 could be sideways movement before the price eventually continues higher. If so understanding the range Bitcoin is trading in early could be very valuable. Where are key support and resistance? What is the very upper range limit and the very lower range limit?
- In the video, I mention a long-term strategy that traders should start to think about now. The question to ask yourself is
"What coins do I want to be holding for the next 12-36 months and will they generate the maximum return for my investment."
Even if Bitcoin moves lower or takes another leg down I think the buyers will be there in mass and the price may not remain that low for very long. Also, there will be a lack of sellers who will suddenly flip bullish. So think about strategy now and not so much about catching the very bottom. Blink and you could miss it.
This is not trading advice.
Thanks for taking the time to watch the video.
Be patient and stick to your strategy!
Please hit the boost button if you like this update.
Back tomorrow.
Thanks
SIMON BPOI
BPOI - CRYPTO TRADING GROUP
