In a recent video, Nick from Cheeky Crypto provided his insights on the current state of Bitcoin and its potential trajectory in the coming months.
Short-Term Bearish Outlook
Nick observed a bearish pattern on shorter time frames for Bitcoin, leading him to enter a short position with targets around $26,950 on the hourly chart. He anticipates a three-wave corrective pattern to the downside.
Despite the short-term bearish outlook, Nick believes there will be trading opportunities for both Bitcoin and altcoins in the coming months. He expects stronger market conditions in the latter part of Q1 2024.
Nick advocates for a diversified approach, utilizing both leverage-based trading (bitg) and building a HODL portfolio. He encourages viewers to consider various trading strategies and portfolios to suit their risk appetite and investment goals.
- Bitcoin is exhibiting a bearish pattern in the short term.
- Long-term opportunities exist for both Bitcoin and altcoins.
- Diversified trading strategies can help mitigate risks and maximize gains.