Bitcoin for the end of 2020 - Correction probably in the works
After such wonderful Bitcoin rally most traders have been waiting for the moment it retrace, I have talk about the levels I'm looking at on previous post (https://cryptoxicate.xyz/bitcoin-price-action-and-possible-reaction-to-legacy-markets/) during this US elections period and this was at the $15k level before it broke up, nobody can predict the future but trading is all about been aware of what may happen and been prepare before changes happen, meaning been prepare to take actions of A, B or C happens, when I say ABC this means if Bitcoins keeps going up, move sideways or decides to go down.
After reaching $16k my levels have change, I'm not currently in any positions since last Thursday, took a lost on ETHEREUM thinking it would go down but things didn't work out for me on that short trade, going back to Bitcoin as we can see on the 4 hour chart is has temporary broke that uptrend since the $14k brake out in the short term but it has not really drop in price, it has broke and move sideways for the past two days to the $15.9k level even touching $15.6k on some exchanges; Binance in my case since that's where I trade, and for me its all about hold at the $15.5k level retesting the 50 EMA, at this price if $15.5k retrace then we may start a short term correction, on every bull market there are retracements, in Bitcoin this retracements go from 10% to 30% depending on market conditions and news but so far so good.
Here my 4h Bitcoin Chart:
To stay on track it would have to retest that $16.5k and brake above but I think it would be ok if it doesnt and just moves sideways establishing a new support area on the $16k level, maybe anything between $15.5k and $16k, that would be very healthy for the price since going up parabolic without retest of previous levels is not healthy at all.
Based on the FIB levels if we measure the start of this break out when Bitcoin start going parabolic around October 20, levels I would be looking now to buy some more first on spot, not necessary go into any LONG position since first I would like to buy spot in case it goes down some more I can DCA and then see Bitcoin doing some sideways movement when it decides to bottom out before another leg up of this bull rally, this is my opinion based on current market conditions as all we know Bitcoin is a monster when it decides to go up same as Ethereum it just doesn't stop that easy.
Levels to buy on spot:
- $14,500
- $13,500
- $12,500
Bitcoin for the end of 2020 - Correction probably in the works
IN MY OPINION (I could be totally WRONG), I dont think we are going to see Bitcoin at the $12,000 level but its possible, going back to $12,000 would be invalidation of this rally a complete retracement, a drop over 30% and I really don't see Bitcoin weak right now to do such move, in the most bullish scenario Bitcoin just keeps going up for the rest of Novemeber right before holidays on December when probably some traders will be offline and take profits.
In terms of long term holdings I'm not selling any at the moment but I did close all my positions and Im staying on USDT, got my Lickhunter bot trading alts futures on a daily bases with conservative settings since November has been a very good month and Im coming back from some looses on October.
WHEN ALTCOINS SEASON:
On the bullish scenario where Bitcoin stays on over $15.5k this opens the door for altcoin season, we haven't seen Ethereum at its full potential, price wise; remember Ethereum all time high is around $1.4k and its currently trading around the $450 meaning there is still a lot to go, other altcoins has drop a lot when it comes to their BTC and USDT price since traders were abandoning their altcoins to get into the Bitcoin train so this means that probably for the rest of November and December we see altcoins go up in BTC and USDT value.
This are just my personal opinion and the possibilities I see of whats coming up next.
I hope you find this article useful, my trading is very basic I really don't try to complicate things and just try to follow the rules but sometimes I brake them and that's when things go bad, remember trading futures is extremely RISKY and always just use the amount of crypto that you could afford to loose, nothing in crypto or trading is a sure thing.
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