Crypto Trading
It's been a tough December for crypto enthusiasts, hope for a Christmas rally had been fading by the day. However, last weekend we did see some alt coins positioning themselves for what looked like some kind of move to the upside and this was in fact a sign of things to come; Monday morning trading in Asia kick started the bitcoin rally, with Europe and America following suit.
There's been a lot of calls recently for 2,000, 1,500,1000 and beyond. Does this sound familiar to December 2017 I ask you? 25,000, 50,000,100,000... I'm not going to say we can't go that deep, but the likelihood in these already oversold conditions is quite low. When the majority of opinion points you in a specific direction, I believe it's always a good idea to look at the other side, and in my personal opinion, I think we may have found the bottom for now.
That being said, the road to recovery is going to be a long one, we have some big hurdles to overcome in the short and long term. On the daily chart below I've highlighted the key levels of support and resistance, the RSI sits at around 50 with a move to overbought looking likely, if the bears hold the line at resistance, then a move to support looks very likely, which should complete an inverse head and shoulders pattern.
As I'm sure you are aware this isn't financial advice, ensure you do your own research and good luck trading.
Happy Holidays everyone and I hope you all have a fantastic New Year.
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