In reviewing the short term outlook for
BTCUSD
, BTC is down from a recent high of $4239 on Christmas Eve and in a sideways consolidation after a recovering from the December 2018 low of $3128 on December 15th. Looking at the four hour chart over the past two weeks, the price has been oscillating with decreasing amplitude in a $200 range of $3675 to $3875 (with some elasic breakthroughs) around the 20 day MA of $3775 forming a wedge that is neither an obvious bull or bear. If the bulls break the wedge significantly, I expect to retest the $4050 resistance level. If the bears break the wedge, look to see a retest of $3500. My general sense is that we are still in a bearish time and will probably break to the downside.
In the meantime, if you set tight stop losses, you should be able to trade the bands for some small gains in the short term.
BTCUSD
, BTC is down from a recent high of $4239 on Christmas Eve and in a sideways consolidation after a recovering from the December 2018 low of $3128 on December 15th. Looking at the four hour chart over the past two weeks, the price has been oscillating with decreasing amplitude in a $200 range of $3675 to $3875 (with some elasic breakthroughs) around the 20 day MA of $3775 forming a wedge that is neither an obvious bull or bear. If the bulls break the wedge significantly, I expect to retest the $4050 resistance level. If the bears break the wedge, look to see a retest of $3500. My general sense is that we are still in a bearish time and will probably break to the downside. In the meantime, if you set tight stop losses, you should be able to trade the bands for some small gains in the short term.
