IS THE BTC SANTA RALLY ABOUT TO BEGIN?
Updated
Hey Everyone,
Have the BEARS taken over BTC?
In my last chart...
We are at the point where I believed we could see a reversal. As I explain lower, we need to hold above $6,775 to start heading higher for our CHRISTMAS run or SANTA RALLY as it is commonly known.
While news out of China had moved the market HIGHER,it has now driven the market LOWER.
Why does NEWS move the market?
The highly volatile crypto market, is not only driven by supple and demand, it is driven by the news cycle. A positive news story can push the market to new highs, while negative news, will drive the market to the depths of despair. Crypto is a relatively new market in comparison to every other market, and it is highly speculative.
In the last few days we have seen many articles coming out with news that China is again tightening its cryptocurrency trading rules and laws. We have also seen exchange headquarters raided and shut down.
In recent weeks we saw a huge bounce with news of Chinese government backed BLOCKCHAIN efforts, and the market rallied, only to realise, it is BLOCKCHAIN technology that was the winner, not cryptocurrency trading, so the market reflected this sentiment by correcting. Slowly the industry is understanding the vital differences between technology and trading. We will start to see movement in coins/tokens that have viable futures, and the market will move away from the get rich quick schemes we saw in 2017 and part of 2018.
This is an exciting time for CRYPTOCURRENCY as the market slowly matures, and only the strong will survive. In my opinion, there is now room for nearly 5000 cryptocurrencies, many you and I would have never heard of. 2020 will be a telling year for the future and success of many of these unknown currencies.
THE TECHNICAL STUFF
BTC has a cross support, with wedge support at $6,775. This is also the GOLDEN POCKET according to FIBONACCI. (61.8-65.0)
If this region fails to hold and find support of the buyers, our next support level (78.6) $5,402 with only minor horizontal support in this region. Next level after this is and our next support region with strong support is $4,775. which could send a wick down to (88.0-90.0) Fibonacci level $4,491-4,283. Which also happens to be the same level on the Fibonacci that we corrected to after the All time high...
If you are unsure of direction or feel you are over trading I have a moto. IF IN DOUBT SIT OUT! There is no shame in not being in a trade. Stick to your game plan, wait for a set up to be confirmed, and ONLY take a trade if it all aligns.
So please I welcome your comments and CONSTRUCTIVE FEEDBACK - ALL HATERS WILL BE FLAGGED AND REPORTED!
And remember, there is NO RIGHT OR WRONG in trading - just money management!
REMEMBER IF YOU ARE PRACTICING SAFE... TRADING ALWAYS USE PROTECTION
(minimize your risk, use a stop loss. Especially in Margin Trades) ALWAYS!!!!!!!!!!!!!!!!!!!
<3 Lisa
DISCLAIMER:
The Legal stuff - I'm not financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons...
PS make sure you give me a like, that way you get updates as I post them.... :) <3
Have the BEARS taken over BTC?
In my last chart...
We are at the point where I believed we could see a reversal. As I explain lower, we need to hold above $6,775 to start heading higher for our CHRISTMAS run or SANTA RALLY as it is commonly known.
While news out of China had moved the market HIGHER,it has now driven the market LOWER.
Why does NEWS move the market?
The highly volatile crypto market, is not only driven by supple and demand, it is driven by the news cycle. A positive news story can push the market to new highs, while negative news, will drive the market to the depths of despair. Crypto is a relatively new market in comparison to every other market, and it is highly speculative.
In the last few days we have seen many articles coming out with news that China is again tightening its cryptocurrency trading rules and laws. We have also seen exchange headquarters raided and shut down.
In recent weeks we saw a huge bounce with news of Chinese government backed BLOCKCHAIN efforts, and the market rallied, only to realise, it is BLOCKCHAIN technology that was the winner, not cryptocurrency trading, so the market reflected this sentiment by correcting. Slowly the industry is understanding the vital differences between technology and trading. We will start to see movement in coins/tokens that have viable futures, and the market will move away from the get rich quick schemes we saw in 2017 and part of 2018.
This is an exciting time for CRYPTOCURRENCY as the market slowly matures, and only the strong will survive. In my opinion, there is now room for nearly 5000 cryptocurrencies, many you and I would have never heard of. 2020 will be a telling year for the future and success of many of these unknown currencies.
THE TECHNICAL STUFF
BTC has a cross support, with wedge support at $6,775. This is also the GOLDEN POCKET according to FIBONACCI. (61.8-65.0)
If this region fails to hold and find support of the buyers, our next support level (78.6) $5,402 with only minor horizontal support in this region. Next level after this is and our next support region with strong support is $4,775. which could send a wick down to (88.0-90.0) Fibonacci level $4,491-4,283. Which also happens to be the same level on the Fibonacci that we corrected to after the All time high...
If you are unsure of direction or feel you are over trading I have a moto. IF IN DOUBT SIT OUT! There is no shame in not being in a trade. Stick to your game plan, wait for a set up to be confirmed, and ONLY take a trade if it all aligns.
So please I welcome your comments and CONSTRUCTIVE FEEDBACK - ALL HATERS WILL BE FLAGGED AND REPORTED!
And remember, there is NO RIGHT OR WRONG in trading - just money management!
REMEMBER IF YOU ARE PRACTICING SAFE... TRADING ALWAYS USE PROTECTION
(minimize your risk, use a stop loss. Especially in Margin Trades) ALWAYS!!!!!!!!!!!!!!!!!!!
<3 Lisa
DISCLAIMER:
The Legal stuff - I'm not financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons...
PS make sure you give me a like, that way you get updates as I post them.... :) <3
Note
So far we have seen a $700 bounce off the first diagonal support :) So far so good, the next week is critical for BTC and direction, as to whether or not we get the Christmas rally.
Note
Quick BTC update, we are still rejecting the MAs and correcting... BUT holding the support, which is a good sign... $7,255 is my target then correction to $6,999 and then if that holds.....CHRISTMAS RUN
Note
BTC is at critical resistance right now. We have also dropped under the 100MA on the 6 hour chart. If BTC can break the resistance (unlikely) $9,200 is very possible!
IS THIS THE CHRISTMAS RUN WE HAVE BEEN WAITING FOR ???
ALL I WANT FOR CHRISTMAS... a few whales :)
❣️Lisa N Edwards❣️
TRADE MY SIGNALS
gettingstartedincrypto.com/
LISABOT.TRADE
TTMBOT.TRADE
thousandtomillions.com/
ALL MY LINKS linktr.ee/LisaNEdwards
TRADE MY SIGNALS
gettingstartedincrypto.com/
LISABOT.TRADE
TTMBOT.TRADE
thousandtomillions.com/
ALL MY LINKS linktr.ee/LisaNEdwards
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