12/26/18
Good morning! I hope everyone has been enjoying their Holidays! For us here at BitOoda, we take pride in the fact that we are always available to answer the call of clients, discuss trading strategies with market participants, and be of service to those who read our work 24/7, because as you know, this market never sleeps.
We would like to follow up with our commentary of the chart we published on Monday that showed the upward wedge pattern. We watched the bulls and bears ‘duke’ it out on Christmas Eve, and the bears decisively won. The upward sloping support level FAILED, and failed quickly. Our opinion on Monday was indeed correct, that we are still in a BEAR market, and believe it should be traded in that fashion. Strength will be sold into! We really don’t see much support in the chart in the near term. $3,200 will be tested again where the next battle between the bears and bull will face off. There we foresee new length could enter the market. Greed and FOMO (fear of missing out) and the two biggest psychological market movers. Those who believe the bottom was put in on 12/15 will use this level as an entry point to get long. If BTC holds $3,200, we could see another strong bounce similar to what we saw last week, because those who will experience FOMO of missing the bottom will propel a rally back to this resistance of $4,000, we have just failed to break. Rangebound trading could be in store for BTC for the foreseeable future.
Good morning! I hope everyone has been enjoying their Holidays! For us here at BitOoda, we take pride in the fact that we are always available to answer the call of clients, discuss trading strategies with market participants, and be of service to those who read our work 24/7, because as you know, this market never sleeps.
We would like to follow up with our commentary of the chart we published on Monday that showed the upward wedge pattern. We watched the bulls and bears ‘duke’ it out on Christmas Eve, and the bears decisively won. The upward sloping support level FAILED, and failed quickly. Our opinion on Monday was indeed correct, that we are still in a BEAR market, and believe it should be traded in that fashion. Strength will be sold into! We really don’t see much support in the chart in the near term. $3,200 will be tested again where the next battle between the bears and bull will face off. There we foresee new length could enter the market. Greed and FOMO (fear of missing out) and the two biggest psychological market movers. Those who believe the bottom was put in on 12/15 will use this level as an entry point to get long. If BTC holds $3,200, we could see another strong bounce similar to what we saw last week, because those who will experience FOMO of missing the bottom will propel a rally back to this resistance of $4,000, we have just failed to break. Rangebound trading could be in store for BTC for the foreseeable future.