is a crazy market! It shows unreal upward movement supported by fundamental news. Bitcoin futures
will be a good tool for big companies willing to invest in crypto and we should be ready to see new highs in this year. In spite of the market overbought, Bitcoin
returns to the upward movement very quickly after quick pullbacks. We still have not seen a good correction movement which could give us good entry levels for new long trades. Of course it's not easy to stay away from the market which runs upward. But one of the main things in trading - it's proper trading. Buying in the overbought markets, it's not a smart idea. Yes, this time the market shows the power, but the next time it will drop as it should be. Now we have to wait for any pullbacks on lower timeframes and use them for building long positions. The market is overbought on all timeframes and it has great potential for falling to the previous support levels and lines. We have to take it into consideration every time when we think about opening new long trades. That's why we should not invest too much in this crazy market. Bitcoin
can be stopped and reversed at any round numbers - 16 000, 17 000 or may be 20 000 levels. As for good entry zones, they will be at SMAs with periods 20 and 50. If Bitcoin
starts falling, 10 000.00 level supported by SMA20 will be the 1st reversal zone for proper buying. Will we see such correction movement or the market will never return to 10 000.00 level? I don't know. Let's watch for this market and search for good trading opportunities. This is my trading idea based on the current market conditions. And what do you think about Bitcoin
now? Please, share your thoughts in comments.
P.S. I just share with you my thoughts. I don't ask you to follow my trading ideas if you are not sure in them. You have to do your own market research, because only you will be responsible for any trading and investing decisions.