We are currently bopping about the 2017 all time (at the time) high of $19,783 (Dec 17th, 2017) and 2020 early Dec high of $19,982 (Dec 1st, 2020). We retested the lower 2000s yesterday; it seems as though this is flipping to new resistance, and price might keep cascading down as it has been doing since the mid-August 2022 local high of $25,135.
A not-bad strategy could be holding a short position though what appears to have been a wiggly bear flag (18 June-15 August 2022), though if we somehow significantly flip directions I'll keep a close watch. With this strategy it's super important to only risk a small amount of capital. Usually, the longer you plan to hold a trade open the more conservative you should be in how much you put in (also being conscious of swap fees).
There doesn't appear to be strong support historically until the June 2019 high of $13,796, so if the large summer bear flag is actually broken, it will be interesting to see if price freefalls down a bit. It will also be good to keep in mind "psychological" support and resistance levels (though ultimately, all support and resistance is psychological)- even numbers (like $20,000, 19,000), halfway points (like 25,000, 18,500, 15,000), perhaps even meme-y stuff (like 42,069) but please don't count these as reliable- definitely consider in conjunction with other TA.
A not-bad strategy could be holding a short position though what appears to have been a wiggly bear flag (18 June-15 August 2022), though if we somehow significantly flip directions I'll keep a close watch. With this strategy it's super important to only risk a small amount of capital. Usually, the longer you plan to hold a trade open the more conservative you should be in how much you put in (also being conscious of swap fees).
There doesn't appear to be strong support historically until the June 2019 high of $13,796, so if the large summer bear flag is actually broken, it will be interesting to see if price freefalls down a bit. It will also be good to keep in mind "psychological" support and resistance levels (though ultimately, all support and resistance is psychological)- even numbers (like $20,000, 19,000), halfway points (like 25,000, 18,500, 15,000), perhaps even meme-y stuff (like 42,069) but please don't count these as reliable- definitely consider in conjunction with other TA.