Technical Analysis for BTC - Dec 22

Greetings everyone

and welcome to this jingle Technical Analysis just before the holidays!

As you see on the cover image (from Investing.com) there is a sideways moving, which consolidates around $22,600 - $ 23,900. This is reflected, also, to the MACD indicator that seams bearish, but as RSI is neutral and volume is quite low, so I am confident about the continuation of this side move. Additionally, a very strong support at $22,265 is formed. It has been tested twice and seems like a solid one. On the other hand, the (orange) trendline works as a great reference for a resistance level. It is something to keep in mind because we don't know what is above it.

Finally on the 1day chart Bitcoin seems to correct itself with two red candles in the row, more or less a by-the-book correction.

A personal note/opinion/reminder.

No one can predict everything, especially when entering uncharted waters, that no man has ever been. A no-man land. If someone tells you that it can predict everything then he is lying, mostly to himself.

Yesterday (Dec 21) at 8 am UTC until 12 am millions and millions of dollars have been liquified after a $1723 ($23,979-$22,256) falling. It's one thousand seven hundred twenty-three dollar dump, representing only a 5% decline, but it was enough to send most of the longs home. And, believe me, many of them were top traders.

If you follow only one trader then you should let more than 6 months to calculate results. Of course, be aware that to follow only one trader is wrong. Consider following more than three, and compare their signals to find what is best for you, or if there is an open signal that has released by all three.

Every trader has his/her own mentality and way to see things. That means you should find the one that is best for you. Always do your own research and always risk what you afford to lose.

It's the most wonderful time of the year, and I wish you the best!

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