Welcome to this quick update, everyone!
Bitcoin (BTC) is currently trading at around $98,400 at the time of writing.
BTC is making a bearish retest of the 21EMA on the daily chart, which is a crucial indicator for identifying short-term trends. This is particularly significant for traders involved in futures and options within the crypto market.
- Break above the 21EMA is bullish.
- BTC is also retesting the previously broken pennant pattern to the downside.
If you're feeling FOMO (fear of missing out), it's better to wait until BTC reclaims the Blue EMA and trades back inside the channel/pennant.
If these two levels are recovered, we could anticipate a new all-time high (ATH). However, until that happens, exercise caution. Trading volume is exceptionally low across exchanges, and it's worth noting that during holiday seasons, market makers often exploit these conditions to manipulate prices, leaving retail traders at a disadvantage.
While you're free to make your own decisions, my advice is to trade with confirmations. This approach provides an edge and makes holding positions more comfortable while effectively managing risk.
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Thank you!