Bitcoin: Hot Potato Until Support Found
We can see the Moving Average (99) is acting as a strong resistance. Since we lost all of the obvious trend line supports, we're in choppy waters until we find support and establish a bottom.
It's basically a game of hot potato or musical chairs right now; therefore, definitely not a time to be bullish. I wouldn't adopt lofty price predictions while fund managers and early buyers take profits at your expense (and then buy back at realistic support zones). Protect your capital; if you're going to trade at this point in the cycle, make sure you use a stop-loss. If you are purchasing to hold long-term, use dollar cost averaging as your buying strategy at every major dip.
I'm using ghost bars as a price prediction in case anyone asks what I think; but mostly for my own amusement to see if I was close or not.
Good luck.
It's basically a game of hot potato or musical chairs right now; therefore, definitely not a time to be bullish. I wouldn't adopt lofty price predictions while fund managers and early buyers take profits at your expense (and then buy back at realistic support zones). Protect your capital; if you're going to trade at this point in the cycle, make sure you use a stop-loss. If you are purchasing to hold long-term, use dollar cost averaging as your buying strategy at every major dip.
I'm using ghost bars as a price prediction in case anyone asks what I think; but mostly for my own amusement to see if I was close or not.
Good luck.
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