Update to Bitcoin Bearish Move
Right now its slow trading because a lot of the big money is out enjoying the holidays. So as we approach the lows, expect retail traders to get scared and bail out.
If we even get near $11000 on this Bittrex/USDT chart, there is a good chance we fall below it. If we fall, then I would expect the 100 DMA to be a magnet. That would put us in a good range of support between the red lines and between the fib extensions as well.
I think going to cash or USDT is a good idea if you haven't already done it. Enjoy the holidays. Take a break from trading. You'll be able to relax. If it goes above 16k, you can get back in.
(Keep in mind that coinbase is trading about $1000 higher right now)
If we even get near $11000 on this Bittrex/USDT chart, there is a good chance we fall below it. If we fall, then I would expect the 100 DMA to be a magnet. That would put us in a good range of support between the red lines and between the fib extensions as well.
I think going to cash or USDT is a good idea if you haven't already done it. Enjoy the holidays. Take a break from trading. You'll be able to relax. If it goes above 16k, you can get back in.
(Keep in mind that coinbase is trading about $1000 higher right now)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.