Bitcoin is in a precarious situation as we enter into 2020. We are slowly edging closer to the bullish trend continued from 2015 which could prove questionable for the price as we enter the final stages of 2019. The whales are signalling that a move down to $5,500 is likely and this would push it below this long-term trend which may unleash chaos! However, as we see using the Funding Rate most players are short which is further enforcing a short squeeze is likely before the end of the year pushing it up to $8,000 which could break us out of the short-term bearish view from July.
To sum up we are currently directionless and is a waiting game. To put my money where my mouth is Crest is currently long to $8,000 then if the trend breaks a short will be placed down to $5,500. As we approach the Bitcoin futures expiry it will be interesting to see if that has any influence on the price as it has 75% of the time prior. Time will tell and we are watching this very closely for the foreseeable future.
This is very interesting as we will be entering the Halving with even more of a bearish sentiment which is unprecedented so will make 2020 a very interesting year of trading.
To sum up we are currently directionless and is a waiting game. To put my money where my mouth is Crest is currently long to $8,000 then if the trend breaks a short will be placed down to $5,500. As we approach the Bitcoin futures expiry it will be interesting to see if that has any influence on the price as it has 75% of the time prior. Time will tell and we are watching this very closely for the foreseeable future.
This is very interesting as we will be entering the Halving with even more of a bearish sentiment which is unprecedented so will make 2020 a very interesting year of trading.