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RE: Why Bitcoin Could Fall Lower From Here

in #bitcoin7 years ago

Now that you mention it, you have dragged me along from Seeking Alpha to your nascent yt channel and now here. Take it as a compliment because I'm usually not much of a follower.

I don't consider myself very bullish on bitcoin at the moment. I like to trade using buy stops and I don't see anything on the horizon that would move me to place a buy stop on bitcoin at any price below 20,010 (opinion subject to change without notice). The price is dropping under a very aggressive downtrend from 19,890 on the 17th thru 16,490 on the 27th and doesn't look like threatening to violate that downtrend soon. Volume is pretty consistently below the SMA50 volume since the pre-Xmas massacree. There's been two days of apparent support at the rising SMA50 but... I've extrapolated the SMA50 into the near future assuming all future closes equal the current close and that shows me the SMA50 colliding with the overhead downtrend on Friday at 13,428. At the moment I'm not sanguine about what happens then. I've set small limit orders to add at 11,212 and 10,512 then I'll put my full 'catching a falling knife' paranoia hat back on and just hodl until I can see an uptrend.

Regards,
Rick

PS Wishing you and yours a happy and prosperous new year.