Two Steps Down One Step Up
2024-12-31
Category: None

Hearing rumors a few days ago that it might drop back to 32k, I decided to short Bitcoin, while setting a stop loss well above the last "one step up" if you will. The idea behind a "significant" step up can just as well be a tactic to obscure the downtrend. On my Day chart I see a classic Head and Shoulders formation that so far does seem to hold, and I set a "take profit" well above the rumored 32k but low enough to not have to watch it by the minute.

This is just my opinion on the immediate direction of BTC amid rumblings of a possible return to a gold standard (not only by Trump who comes into real authority to do so as of January 2025, but also by BRICS nations, and the various reports of gold bar buying around the world in the past few years).

As always, do your own due diligence. 