Bitcoin Daily Chart outlook 27/12/2022
Keeping with the flow, please remember we still have negative volume, so this could be yet another small rally coming up, however, bitcoin is putting up a fight.
Dependant on the close tonight, we could see a more bullish move coming up. the 50-day SMA lies at 16846usdt. On December 14th we rejected this indicator harshly after a rally to it however, now we are in a position where we have the potential to close above this and start a move upwards, if not then reject and move to lower lows.
As we have effectively consolidated for roughly a month or so, with no real price movement since early November, since the FTX + Alameda news moved the markets it is still relatively hard to say which direction we are going to go from here, many people favour a bearish continuation but i say to give bitcoin a chance, see if it can close above the levels mentioned, if not, sure this is an amazing short entry but always keep an eye open for reversal opportunities.
Momentum is generally picking up, making a slightly higher high of 58 compared to 57 whilst price consolidates since the peak of Dec 14th's pump and the following dump.
The Volatility indicator shows us a potential big move is coming unconfirmed with indicator values coming lower, the lower they go the better/higher chance of a decent move.
As always, do your own research and this is not financial advice.
Keeping with the flow, please remember we still have negative volume, so this could be yet another small rally coming up, however, bitcoin is putting up a fight.
Dependant on the close tonight, we could see a more bullish move coming up. the 50-day SMA lies at 16846usdt. On December 14th we rejected this indicator harshly after a rally to it however, now we are in a position where we have the potential to close above this and start a move upwards, if not then reject and move to lower lows.
As we have effectively consolidated for roughly a month or so, with no real price movement since early November, since the FTX + Alameda news moved the markets it is still relatively hard to say which direction we are going to go from here, many people favour a bearish continuation but i say to give bitcoin a chance, see if it can close above the levels mentioned, if not, sure this is an amazing short entry but always keep an eye open for reversal opportunities.
Momentum is generally picking up, making a slightly higher high of 58 compared to 57 whilst price consolidates since the peak of Dec 14th's pump and the following dump.
The Volatility indicator shows us a potential big move is coming unconfirmed with indicator values coming lower, the lower they go the better/higher chance of a decent move.
As always, do your own research and this is not financial advice.
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