Bitcoin is currently holding the 32.7k key level of support on the Fibonacci retracement indicator.
Daily RSI shows a small retracement may be coming and some also mention the death cross, which is where the 200 DMA crosses the 50 DMA.
Some negative fud going around as well which is not helping Bitcoin.
Positive news from South America; El Salvador, Uruguay, Panama, and Brazil are now looking into passing bills making cryptocurrencies legal tender. This is very big news and more countries will follow.
Conclusion: Bitcoin needs to hold this key level of support in order for me to remain bullish short term. If we see a downfall, its next level of support is around 24k. My stop losses will have saved me and I will be using this opportunity to be buying back in for the next ride up. This is a long shot and odds are this will not happen but just a friendly reminder of what could happen. With this information, Always make sure to set up a strategy before buying and selling coins and make sure to set up a stop loss to save your ass if shit hits the fan. In what some may call a "bear market", a quick tip is to invest in quality projects with long-term vision and don't get attached to coins you are trading.
Daily RSI shows a small retracement may be coming and some also mention the death cross, which is where the 200 DMA crosses the 50 DMA.
Some negative fud going around as well which is not helping Bitcoin.
Positive news from South America; El Salvador, Uruguay, Panama, and Brazil are now looking into passing bills making cryptocurrencies legal tender. This is very big news and more countries will follow.
Conclusion: Bitcoin needs to hold this key level of support in order for me to remain bullish short term. If we see a downfall, its next level of support is around 24k. My stop losses will have saved me and I will be using this opportunity to be buying back in for the next ride up. This is a long shot and odds are this will not happen but just a friendly reminder of what could happen. With this information, Always make sure to set up a strategy before buying and selling coins and make sure to set up a stop loss to save your ass if shit hits the fan. In what some may call a "bear market", a quick tip is to invest in quality projects with long-term vision and don't get attached to coins you are trading.