Bitcoin Direction – Hurry Up and Wait!

Bitcoin Direction – Hurry Up and Wait!
December 23 18:49 2018 Print This Article

Here’s the thing – after getting a little bounce in bitcoin we are kinds playing monkey in the middle right now and just need to wait and see which way price will resolve.

It’s honestly a 50-50 chance of up or down.  However, we need to designate the key price points that give us confirmation on which.

Should I Stay Or Should I Go

Bitcoin is in a stay and consolidate position at the moment.  It could push higher (or lower) but the price action right now is orderly and I’d actually like to see it consolidate here for a few days before pushing higher.

Why would I want that you may wonder.

See that blue line on the chart?  That is the 10 day moving average and as you can see we have run away from it a bit and it is playing catch up.

I will take orderly methodical increases over aggressive price rips all day everyday.   It’s the former that makes for long-term trends and price appreciation.

Ideally price will consolidate above 3700 a few more days and let that moving average catch up and use it as a spring board to push higher again for a run at 4,400.  That is the price level we need to establish for a possible move into the mid 5,000’s.

On the flip side, if price was to close below 3,700 then there is a likelihood we test that 3,200 area again.

Here’s wishing you a Merry Christmas to the upside!

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scaredycatguide
scaredycatguide

Providing Investing Education for the Risk Adverse

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