Another end of (work) week, another red day on the Bitcoin market. The red market is ridding on sentiments, (more cases being detected of the new variant).
As long as we can hold the 52K support line, and we do not get more bad news, we should bounce off next week as we did this week.
I bought today as I expect this to be the lower lows for BTC. I also think we will start to get 'better' news on the new variant, (or at least more clarity).
As a short, 1 week, trade ...
TP: 54700 by the 11th (or a little over 5% profit).
SL: 46800 (10% ... but dependent on bad market news)
We could ride it a little longer, but the market is very unstable and I would rather take my profits rather than wait for next year.
NB: Keep an eye out for virus related news as those tend to lead the sentiments on the market, one set of bad news and we could hit our SL
Along the same line good news could send the market shooting back up.
As long as we can hold the 52K support line, and we do not get more bad news, we should bounce off next week as we did this week.
I bought today as I expect this to be the lower lows for BTC. I also think we will start to get 'better' news on the new variant, (or at least more clarity).
As a short, 1 week, trade ...
TP: 54700 by the 11th (or a little over 5% profit).
SL: 46800 (10% ... but dependent on bad market news)
We could ride it a little longer, but the market is very unstable and I would rather take my profits rather than wait for next year.
NB: Keep an eye out for virus related news as those tend to lead the sentiments on the market, one set of bad news and we could hit our SL
Along the same line good news could send the market shooting back up.
Luckily my SL was not setup yet... but we are very close.