Short or long? who knows, but according to the Technicals....

٥ ديسمبر ٢٠١٩

Hi again,
and a hope you all are having a great start of the winter season and Christmas coming up around the corner. I cant wait to unwrap my gift from BTC and see if it is a present of joy or of terror.

Now, looking back on my previous post and chart with trendlines, it seems that the market price is "slithering" it ways on the downside of that triangle. The good news is that it has not dropped far from the triangle, and that is a really good news.
However, the support line in the triangle (at 6826 Euro) has become the resistance line.

Changes:
I have added a new triangle from the current price movement, and playing around if that is the new trendline. Regardless, I kept it to see at the comparison and time will tell.

Chart:
4 hour chart of BTC/Euro pair from Coinbase

Conclusion:
The price have been below the original triangle (in black) since late November with a small peak over. In 4th December the price blew past the resistance line at 6826 Euro, with a sudden sell off.
That sell off concerns me a lot, and seemed almost like a controlled "dump". Probably was not controlled, but regardless it seems like there are some big money at that resistant level that should not be forgotten.
With this in mind, I think that it would require a lot of momentum (Like a big news event or something) to break that resistant at 6826, and it is a place I will add a watch on in tradingview.

If this resistant line is broken, I do not think we will see a break out from the trendline (triangle in black); but continue its journey inside up to end of december.
Why is that?
Well, because we have not seen any much increase in volume even with good news that have been released, and there is no Technical Indicators (that I can see) that are a very "tell tell" sign of bulls or bears.

The Coppock Curve has crossed into positive side which is a good thing, and both RSI and stochastic is improving; but it is too small of a change for me to risk anything.
My strategy now is to put another buy order in at a very low level (5260 Euro), when my transfer arrives in coinbase, just in case it falls off.

Why am i not putting in a limit sell order?
-- Because it is too risky at this level. As i see it, it is just as probably for the price to drop and rebounce again, leaving my sell order at a nasty place where I have sold some BTC and now the price is back up again= loss.


I would love to hear what you are doing right now though. Buying, selling or waiting?