Bitcoin - How are you playing Christmas btc movements?
Bitcoin 4HR view
Bitcoin has been moving in the uptrend channel (megaphone shape) and it has respected its support and resistance lines. It is also worth mentioning that the 4hr 50 MA has been acting as a support for quite some time. After breaking the 4hr 50MA, we also retested a 4hr 200 MA, which is not inevitable at this point.
Currently, BTC is trading at 50ma support and so far its holding and heading towards the $24270 resistance where it got rejected a couple of times, if the 50ma breaks, we could see it go drop further down to the $22300 support level and potentially to the 200 MA, which is at around $20k levels.
However, tomorrow there is a major expiry date on the bitcoin futures market. Cointelegraph reported: "Roughly $2.3 billion worth of Bitcoin futures is set to expire on Christmas day, setting the stage for a volatile week in the cryptocurrency market."
This could lead to a major sell-off and we should expect huge fluctuations in the BTC market. I am leaning towards a short trade here, but do wait for a confirmation candle below 50MA.
Bitcoin has been moving in the uptrend channel (megaphone shape) and it has respected its support and resistance lines. It is also worth mentioning that the 4hr 50 MA has been acting as a support for quite some time. After breaking the 4hr 50MA, we also retested a 4hr 200 MA, which is not inevitable at this point.
Currently, BTC is trading at 50ma support and so far its holding and heading towards the $24270 resistance where it got rejected a couple of times, if the 50ma breaks, we could see it go drop further down to the $22300 support level and potentially to the 200 MA, which is at around $20k levels.
However, tomorrow there is a major expiry date on the bitcoin futures market. Cointelegraph reported: "Roughly $2.3 billion worth of Bitcoin futures is set to expire on Christmas day, setting the stage for a volatile week in the cryptocurrency market."
This could lead to a major sell-off and we should expect huge fluctuations in the BTC market. I am leaning towards a short trade here, but do wait for a confirmation candle below 50MA.