With the price of Bitcoin (BTCUSD), trading close to the 10k mark, it would not surprise me if traders manage to give the price a final boost so it can attain this psychological level and a victory for the early adopters and believers.
But today is not the time to buy, the right time to buy for short-term traders was last week when I said the price could rally from the $7913 level, or on November 13 when I said the price could bounce from $6109.
Today, I would wait for a near 50% correction of the rally from the November 24 low of $7883, before assuming the price will have enough energy to propel to a new high. Overall, I will remain bullish as long as the price trades above the November 19 low of 7676, and on a break to this level, I will turn neutral.
Please note that this is my personal view and losses may exceed deposits.
But today is not the time to buy, the right time to buy for short-term traders was last week when I said the price could rally from the $7913 level, or on November 13 when I said the price could bounce from $6109.
Today, I would wait for a near 50% correction of the rally from the November 24 low of $7883, before assuming the price will have enough energy to propel to a new high. Overall, I will remain bullish as long as the price trades above the November 19 low of 7676, and on a break to this level, I will turn neutral.
Please note that this is my personal view and losses may exceed deposits.