We are ALL waiting to see when/if the market will turn around.
Traditionally, January has been a bear month for BTC. With the massive "over bought" bull run in Nov-Dec, futures launching, and the likelihood of the whales shorting the market while simultaneously crashing the price, it has been a wild ride in January.
I don't think we have enough confirmation to go long at this point. On the other hand, we have even LESS information to go short. If I hadn’t sold any of my position at this point, the risk to reward at these levels is far to low for me to try to free up cash for a lower entry. We are close to buy time, not sell time. There are a couple major trends that either need to hold or break to confirm.
]previous post Please see my previous post to note the long term supporting trend from September. This MUST either HOLD price, or if broken, must quickly re-establish itself to show strength in the market.
Many are calling for a lower low in the 7-8k area before we see a rebound. I am open to this idea and will be saving some fiat if this situation presents its self. Trend lines have traditionally been great indicators for me. The closer we get to trend line convergence, the higher the likelihood for extreme price action. We are coming to a collision here shortly. In collusion with the CME futures contract expiration in a couple days I do believe February will look to be a bull month. Let's wait for bullish confirmation of a higher high and a higher low to confirm
Traditionally, January has been a bear month for BTC. With the massive "over bought" bull run in Nov-Dec, futures launching, and the likelihood of the whales shorting the market while simultaneously crashing the price, it has been a wild ride in January.
I don't think we have enough confirmation to go long at this point. On the other hand, we have even LESS information to go short. If I hadn’t sold any of my position at this point, the risk to reward at these levels is far to low for me to try to free up cash for a lower entry. We are close to buy time, not sell time. There are a couple major trends that either need to hold or break to confirm.
