BTC/USD: Higher Values Demonstrated As Doubts Pushed Aside
Date
12/24/2023 11:17:30 PM
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BTC/USD as of this writing is near the 43,625.00 level as of this writing. Clearly the price of
bitcoin should be checked on as you read this article to gauge the movement of the digital asset. The gains BTC/USD has made since October when a value around 26,500.00 was seen are clearly remarkable. Short and mid-term traders may be feeling extremely bullish about BTC/USD based on technical one, three and six month charts.
It must be said that even a one year chart of BTC/USD looks encouraging at this juncture. But here's the problem, experienced traders of BTC/USD know that the digital asset remains highly volatile – like gasoline. Speculators who have been trading Bitcoin for a long time also know and likely have experienced the pain of price declines, and it should be noted reversals lower in BTC/USD still occur regularly Zealous Buying in BTC/USD Could Prove Dangerous
It is no fun to stand in front of an oncoming train. The trend upwards in BTC/USD has been strong and it is hard to argue against. The digital asset clearly has a rather large amount of momentum via continued loud whispers in the financial world that 'ETFs' will be approved by the U.S government which will allow a wide variety of investors to gamble on Bitcoin. And I use the word gamble intentionally. BTC/USD remains a highly questionable speculative asset.
Yes, BTC/USD has gone from nearly 39,000.00 to its current price around 43,625.00 in December, but day traders who are using leverage need to understand that small moves can cause massive losses quickly. There is no doubt the current price momentum higher when technical charts are viewed show a strong trend higher, but the history of Bitcoin is littered with major crashes lower and speculators need to use this knowledge as they use risk taking tactics carefully Trading Volumes and the Coming Holiday Season
Volumes in BTC/USD trading have increased in the past few months, as speculators have begun to feel 'comfortable' with Bitcoin once again. However, the approaching holidays will likely cause thin volumes to be seen and potentially open the doors for additional fast trading in BTC/USD.
It is hard to argue against the climb that has been seen in Bitcoin, but if you are going to be a buyer of BTC/USD you still need to use solid risk management. Using take-profit orders to cash out of winning positions before they vanish is recommended. Lastly, trading BTC/USD remains dangerous and its history of reversing wildly lower remains a constant source of concern Short-Term Outlook:
Current Resistance : 43,900.00
Current Support: 43,290.00
High Target: 44,410.00
Low Target: 42,680.00
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