Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no expert and this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research
Bitcoin Might Not Get That Pullback
The way I see the market is very bullish right now, I have been also taking a few shorts but mostly long positions, I’m not the 24 hour trader since I can only do some swings that I let them do the work during the day wile I just monitor on my phone, I also have some other passive income on crypto like creating content for social media platforms like Hive, I was making videos but for now I don’t find the time to do so I’m trying to come up with a schedule to do at least three videos a week but also want to change a few things on my studio room, going back to Bitcoin.
What we have seen since October this year is Bitcoin building stair after stair after stair and recently giving a chance to altcoins to rise up, many have been expecting that pullback anticipating a move before $20k, I include myself on that boat but it has not happen yet, I’m a simple man with not much capital to invest as I would like so decided to go with a few altcoins after I sold a short term bag of Bitcoin and was expecting it to come back down but I did well with other coins like Ethereum and XRP that funny I bought on July getting prepare for a pump before their airdrop and it coincide with its recent pump, I didn’t ride the entire move of 200% but did very well, markets are opportunity generators and not even the best trader in the world can catch them all, this isn’t Pokemon and you are not Ash Ketchum.
Here the Weekly Bitcoin Chart
My levels are still the same, all round numbers because on a bull market going short doesnt make too much sense and sometimes you get left behind waiting for that buy back or short oportunity that never arrives, I really dont see Bitcoin going back, this levels were from a few weeks ago and recently just added $16,500 that would be the first target to hit in case a deep pullback that may happen, good 15% to 20% that takes the market down to this levels and shake out all the top byers who will get liquidated on futures market.
Here the Daily Bitcoin Chart
During moves like this even though I’m not on Bitcoin at the moment I always pay attention to it because its the one that send altcoins down, when Bitcoin goes up hard traders tend to abandon their altcoin positions to chase the Bitcoin pump and then come back to altcoins with USDT but recently Bitcoin dip on November 7, about 10% and since then blue chip altcoins started to go up like Ethereum, Chainlink, Litecoin and there are some rising stars like Celsius Network. You can expect this dips during bull market to then just keep building the next stair to keep going up, I see many saying but “its overbought” and to that there are two things that apply:
– Bull market can stay overbought for many days
– Markets can stay more time irrational than you can stay solvent
Just don’t fight the trend, there is nothing wrong on changing your bias in the middle of the journey as long as you don’t do it too frequently because then that means you are not getting the direction of the trend, there are sometimes that I might be on a position and recognize I was wrong but there has to be some fundamental in technical analysis or some event that makes you change bias and go the other direction.
A pull back will happen but nobody knows when, during bull market $500 dollar moves are nothing, meaning that this drops are just dips to create the base of the next stair up and with altcoins catching up its the perfect opportunity, IN MY OPINION Bitcoin wont rest until it gets over $20k after it brakes all time high euphoria will kick in hard because then you got your top buyers, we still haven’t seen retail buyers get into the market, the masses are still not here and there are a couple of fundamental indicators based on market behavior.
– Exchanges not overloaded, believe me that will happen again
– Google trend search compare to 2017 is till extremely low
– Altcoins still not at all time highs
– Not many news about murder or kidnap because of crypto, that happen a lot on 2017
But there are a few things that might indicate its coming and soon, this is why its my believe that Bitcoin will brake $20k with the help of crypto whales, crypto traders that have been grinding since 2017 and most recent institutions investments, when it brakes $20k most likely before the end of this month, it still has five days there are few things starting to pop that might indicate we are close to get retail investors attention again.
– CNBC talking again about exchanges and altcoins, not just Bitcoin
– Tiktok starting to go crazy with the most recent XRP pump
– Coinbase shut down margin trading
– Binance send last warning for anyone from US to take out their funds
– Greed index very high at 93
– New Crypto Paid groups poping left and right (avoid)
There are a few legit paid groups you can reach over twitter like @IncomeSharks, @koreanjewcrypto, @crypto_birb, this guys are legit, have never been on any of their paid groups but do follow them now for years
This are all indicators that the media is not trying to necessarily get people to buy Bitcoin but they need to talk about whats hot in the news so they generate more viewers, social media going crazy with crypto this is how masses communicate now days and Exchanges trying to stay up to date with regulations in the US meaning that something is coming up on the regulatory side of crypto so they getting prepare for the massive amount of new money that will get into the market next year.
Bitcoin at $20k will troll anyone that is not deep into crypto, it will blast through $20k to then give us that possible 20% dump to take top buyers money and lunch to then continue going up thoward new highs, I have no doubt we will see new all time highs for Bitcoin, Ethereum and some altcoins but not all of them.
I hope this more than technical, fundamental analysis helps you build up your strategy for whats coming up next.
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