2022-01-06 13:35:49
After its big dump yesterday, BTC is still dropping today.
However, Bitcoin is now closing in on the low it set in the beginning of December at around 42,000 dollars. So far, BTC is still doing the same it did when it dumped from 65,000 dollars to 30,000 dollars between April and July 2021 (see chart below). If BTC keeps doing the same thing, it would mean that we could see a bounce off the 42,000 dollar range.
Based on that I'm actually considering slowly accumulating some BTC at around 42,000 dollars. This would be risky as the market is really not looking good at the moment, but that's exactly when the market typically tends to bottom out.
If I decide to buy OR long BTC, I might look to lock in profits quickly.
The other thing I'm considering is setting short orders at around 46,000 dollars - which is also the level where I'd close part of my long position if I decide to enter.
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