Bitcoin Correction Is Not Over
After yestedays "pump" as my friends called it, also know as a green day for bitcoin, we are seeing a red day. This is anticipated I think by many traders as clues could be found all over the charts.
As you can see from the chart below, the descending resistance trend line (descending white line) did it's job and held. Also the price action reached the 21-day EMA (yellow line) and was immediately rejected.
So where do we stand now ? Well, the horizontal white line is the support around 10,800$ and the super solid support is at 10,300$, which is essential for many as it is a bit over the psychological 10,000$ mark. Fresh money waits on the sidelines, but this sideways action is concerning investors.
I would definitely advice those who are reading this to be extremely careful in this dull market. Correction is not over and the markets are very choppy at the moment. Rule number 1 in trading is - DEFENSE ! Defend your capital, you will need it when the opportunities come!
I agree this market is very dangerous and choppy at the moment.. I don't think we are safe yet, and even anything up to $14,000 does not mean we are safe.. What happens beyond will tell a lot but holding the current price point is the battle of the day.. Will we stay above $11,000.. maybe, but I could certainly see another low $10,000 bounce in immediate cards..
We are definitely not safe. You are right, a breakout means nothing, unless it holds ! I think tomorrow is a red day also, I am not sure how red though. We will see I guess :) Thanks for your input.
@kospi account dead... lol
Dead ? I saw a donwvoting action was taken place, but how can we be sure that thw leech is dead ?
He deleted almost all his posts and everything else was basically downvoted into oblivion..
Lol, thats great news @pawsdog. Your efforts are paying off! Nice !
A little at a time we can make a difference.. went high risk on 2 BTC at 9900.. stop at 10050.. for the moment.. I think we may get a 10,400 before the next shit storm.. but not out of the woods yet.. I will move my stops up as price creeps up.. the 12 and 1 day are RED "as you predicted"; those are big frames and usually bring big losses with them, so I do not feel we are at bottom yet..
10,450$ before next dive I am guessing. You are very precise, like a sniper :D
Nice.. that good..
Follback please.. 🙏
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Thank you for giving best suggestion @ervinneb, as you mentioned below Today is "Red day" Now markertcap below $497 B. This whole month also so dull. Black January.