Good morning all,
Bitcoin is like a pressure cooker at the min, a real Mexican standoff. The volume is extremely low for this time of year and it is coming to decision time.
We are in a trade channel of about $2000 between long term support and resistance. In my opinion a big short or long is on the cards, I would just wait for some confirmation or indication from the short term time frames, I have the daily chart open, only to show the general bias of BTC and our current situation.
I am more bearish on BTC due to the 50MA and short term support just above where we sit now 7500 will be tough to break with the current volume. Although if it does break I can see 8400 hit fast, the current resistance will act as support and the return back to the upside a real possibility.
Or we could just keep going sideways in the small range we are in now, this would come into contact with the resistance around the 15th to 23rd of January. This is still a $500 range so some short term trading opportunities are there, personally I would be keeping any stop losses tight though as a big move could hit any time is this manipulated world of Crypto.
You may say "well you have just said all the outcomes, one will be correct" this to me is the first step of trading, prepare for all outcomes, then narrow down to the more probable move.
I am not a full time trader "YET" but this will hopefully help a few people on the same path as myself,
Safe Trading people.
Bitcoin is like a pressure cooker at the min, a real Mexican standoff. The volume is extremely low for this time of year and it is coming to decision time.
We are in a trade channel of about $2000 between long term support and resistance. In my opinion a big short or long is on the cards, I would just wait for some confirmation or indication from the short term time frames, I have the daily chart open, only to show the general bias of BTC and our current situation.
I am more bearish on BTC due to the 50MA and short term support just above where we sit now 7500 will be tough to break with the current volume. Although if it does break I can see 8400 hit fast, the current resistance will act as support and the return back to the upside a real possibility.
Or we could just keep going sideways in the small range we are in now, this would come into contact with the resistance around the 15th to 23rd of January. This is still a $500 range so some short term trading opportunities are there, personally I would be keeping any stop losses tight though as a big move could hit any time is this manipulated world of Crypto.
You may say "well you have just said all the outcomes, one will be correct" this to me is the first step of trading, prepare for all outcomes, then narrow down to the more probable move.
I am not a full time trader "YET" but this will hopefully help a few people on the same path as myself,
Safe Trading people.