Consolidation in place
Interestingly, Bitcoin showing resilience during the last 7/8 trading, however, many people believe ultimately it would further role overdue to December holidays.
let’s find out whether is there any probability.
why it is holding these levels:
Firstly we have to see what’s recent low, well on yearly bases we have had around 3000
Whereas the recent high posted by bitcoin on June this year that is around 13700
Apparently we are now standing around 61.8 retracement levels and market hold these levels quite strongly
what does it mean!
To me bitcoin showing resilience to go further down, however, I can’t rule out the possibility of a further downward move. though it would merely due to bargain hunters or you say snub and eat out small fishes like us by big crooks!!!
what’s the order of the day!
Therefore for me, this market has a lot of probabilities to ging up that’s why I would suggest buying and holding it tightly is perhaps the best strategy
The question is for how long! well to me as long as it breaks the pivot
That is shown in my chart around. 6295. it would deem my stop loss but>>> keep in mind! I’ll take this break only if market close below this pivot otherwise I would say its bargain hunters bullshit!
Being a conservative trader I would see at least 88.6 % recovery of 13700 that rotate around 12400
Have you got my strategy? will it take any effect on your trading????. I love to know your comments. please don’t hesitate to interact with us for any clarification and in the persuasion of a stable strategy.
Keep learning – have nice trading!!!