Just two days ago, we were bullish in the short term at 
92K, identifying it as a solid support level. Since then, BTC has risen nearly 4%, but now it’s time to exercise caution.
Here’s why:
• Bitcoin is currently hitting the 50-day moving average and the Bollinger Bands, which are acting as resistance.
• This level previously served as a support line four times and has now become a resistance line three times.
While I don’t believe this is an insurmountable barrier for BTC, it may be too early for the price to break through this level decisively.
Considering the liquidity shortage following the Santa Rally and volume levels that are average or below, I anticipate a short-term downside. A small short position might make sense for a limited timeframe (up to a day).
That said, shorting isn’t my preferred strategy, and I recommend caution. Personally, I’m staying out of this trade for now, and I suggest you do the same unless you’re confident in your analysis and being ready to bet against the whole crypto community.
Let’s wait for a retest.
Yours sincerely,
Mister iM
92K, identifying it as a solid support level. Since then, BTC has risen nearly 4%, but now it’s time to exercise caution.Here’s why:
• Bitcoin is currently hitting the 50-day moving average and the Bollinger Bands, which are acting as resistance.
• This level previously served as a support line four times and has now become a resistance line three times.
While I don’t believe this is an insurmountable barrier for BTC, it may be too early for the price to break through this level decisively.
Considering the liquidity shortage following the Santa Rally and volume levels that are average or below, I anticipate a short-term downside. A small short position might make sense for a limited timeframe (up to a day).
That said, shorting isn’t my preferred strategy, and I recommend caution. Personally, I’m staying out of this trade for now, and I suggest you do the same unless you’re confident in your analysis and being ready to bet against the whole crypto community.
Let’s wait for a retest.
Yours sincerely,
Mister iM
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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.
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.