Sold Bitcoin At A Loss
I sold Bitcoin at a loss today as falls below my technical cut-loss price of 17,300.00. I purchased this asset back on December 12 as it break the 120-day ALMA line which could signal a potential trend reversal. This is in spite of the negative sentiment in the markets due to the 50 basis point rate increase by the US Federal Reserve. In my view, the market tends to overreact to negative news. The US Inflation rate is currently at 7.1% last November and in my view, this price increase was already reflected in the price of this asset before my decision to buy. The market tends to react negatively in a high-interest environment.
BOJ will announce its interest rate decision later at 22:00 EST
I may try to revisit Bitcoin again once it finds its bottom at 12,300.00 or once my technical indicator signals a buy.
I sold Bitcoin at a loss today as falls below my technical cut-loss price of 17,300.00. I purchased this asset back on December 12 as it break the 120-day ALMA line which could signal a potential trend reversal. This is in spite of the negative sentiment in the markets due to the 50 basis point rate increase by the US Federal Reserve. In my view, the market tends to overreact to negative news. The US Inflation rate is currently at 7.1% last November and in my view, this price increase was already reflected in the price of this asset before my decision to buy. The market tends to react negatively in a high-interest environment.
BOJ will announce its interest rate decision later at 22:00 EST
I may try to revisit Bitcoin again once it finds its bottom at 12,300.00 or once my technical indicator signals a buy.
