Bitcoin seems to be setting up for a correction
After breaching previous record highs by $4,000 Bitcoin seems to be losing momentum. A retracement of some sort is likely, the most important question is “will the $20,000 level serve as support?”
After barreling through resistance on Wednesday, December 16th resulted in a new influx of buyers coming into the market Bitcoin has shifted its extremely bullish slant to one of indecision. Since last Friday and over the weekend in spot markets Bitcoin has lost its strong upside momentum and given way to a slightly bearish overtone.
As such we recommend traders that entered from the long side taking our call on Wednesday evening or Thursday morning to buy BTC at approximately $21,500 should either pull profits or at least raise their protective stops to $21,900 thereby locking in a small profit on the trade.