Possible lines of support and resistance
The extension from the most recent swing low was pretty close to the 1.618 extension and this resistance was pretty significant if we look at price action formed on the 4H chart.
1.272 was support on small retrace from previous ATH, will it be so again? if not i will expect a move back to range around 5k. If this support holds i think we trade sideways until after bitcoin gold, after which we will need to look for a break to the up or downside and follow the move. (moves in BTC are so big we can just in on increased volume and have a huge winrate and good %gains)
In relation to Bitcoin gold i would be less interested in 'free money' and more interested in protecting my capital during the splits, from previous market cycles we almost definitely will have a correction that is likely to be around 20-30% of value. We need to ask ourself what will bitcoin gold be worth, if its less than 20-30% of value (cash is around 5% now i believe) then trading our bitcoin independently will be a better way to manage capital.
Of course this is ALL dependant on if we are TRADING or HOLDING. If we are holding then like others have said turn off you computer and dont look at the chart until way after christmas and everything has died down, keep alerts for levels open in case of a flash crash (not saying it will or wont happen) but day to day movements of Bitcoin do not matter.
1.272 was support on small retrace from previous ATH, will it be so again? if not i will expect a move back to range around 5k. If this support holds i think we trade sideways until after bitcoin gold, after which we will need to look for a break to the up or downside and follow the move. (moves in BTC are so big we can just in on increased volume and have a huge winrate and good %gains)
In relation to Bitcoin gold i would be less interested in 'free money' and more interested in protecting my capital during the splits, from previous market cycles we almost definitely will have a correction that is likely to be around 20-30% of value. We need to ask ourself what will bitcoin gold be worth, if its less than 20-30% of value (cash is around 5% now i believe) then trading our bitcoin independently will be a better way to manage capital.
Of course this is ALL dependant on if we are TRADING or HOLDING. If we are holding then like others have said turn off you computer and dont look at the chart until way after christmas and everything has died down, keep alerts for levels open in case of a flash crash (not saying it will or wont happen) but day to day movements of Bitcoin do not matter.
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