Bitcoin - Currently Indecisive
At the moment on the Bittrex 4 hour chart Bitcoin is looking Indecisive. Short term, the price of Bitcoin can move in either direction. I'm still holding cash looking for a trade opportunity with less risk.
As I mentioned in my last posting, I took some short term profits in some of my altcoin trades. I still feel we need a short term corrective price move into the range of $7800 for Bitcoin to regather strength after Bitcoin's last impulse move up.
Altcoins tend to overreact to Bitcoin price moves either up or down. So I plan to take advantage of that and will reload some of my short term trades in my favorite altcoins such Lumens XLM, Cardano ADA, Verge XVG, Golem GNT and etc.
Until I see Bitcoin either make that short term retrace to $7800 or move decisively past the current resistance range of $9500 the risk is too high.
I've chosen to hold on and be patient with regard to opening any new trades.
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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
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