Overall I am not liking the current trading environment regarding bitcoins price action.
I can see the next week start to heat up as we look to break this ascending wedge, but until then I don't really see a reason to try to trade this sideways action. Be patient and the plays will come.
Right now is the time to evaluate potential setups in Bitcoin and the overall ALTcoin market, I will be posting my thoughts as the week goes on. This next week could be pivotal for the market so make sure to set alerts At the specified price targets listed.
Price Areas I am watching out for.
A dip below the diagonal at $36,572- $37,451.
A break above the horizontal Fib level .382 at $38,104
Set alerts for both of these areas. A break below likely means a decline on the way pre-Christmas, a break above and I think our next targets will quickly be broken.
Be aware though as it is the holiday season we may see some price decline as people withdraw gains to pay for gifts and vacations, on the other hand, the holidays generally mean people bragging to their family about gains. So this could lead to a post-Christmas pump fairly easily as new capital floods the market.
For more information feel free to ask!
I can see the next week start to heat up as we look to break this ascending wedge, but until then I don't really see a reason to try to trade this sideways action. Be patient and the plays will come.
Right now is the time to evaluate potential setups in Bitcoin and the overall ALTcoin market, I will be posting my thoughts as the week goes on. This next week could be pivotal for the market so make sure to set alerts At the specified price targets listed.
Price Areas I am watching out for.
A dip below the diagonal at $36,572- $37,451.
A break above the horizontal Fib level .382 at $38,104
Set alerts for both of these areas. A break below likely means a decline on the way pre-Christmas, a break above and I think our next targets will quickly be broken.
Be aware though as it is the holiday season we may see some price decline as people withdraw gains to pay for gifts and vacations, on the other hand, the holidays generally mean people bragging to their family about gains. So this could lead to a post-Christmas pump fairly easily as new capital floods the market.
For more information feel free to ask!
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