The U.S. is Having a Thanksgiving Crypto Sale that No One Knew About!

in LeoFinance2 months ago

Ok, so the title is a little tongue in cheek but crypto is selling off hard on Thanksgiving day here in the states.

Many have been waiting for a pullback in coins like Ethereum and Bitcoin after this last leg up was a bit overstretched from technical indicators.

I was one of those people and apparently came early to the game. After selling some ETH up at 620 I bought back last night at 529, which is a win of course but damn now we are testing key levels with ETH below $500 as I write this.

Ethereum Price Action

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Looking at the chart you can see price is below the 510 support level and is now testing the 485 area as a potential support.

It is the short line to the right that was drawn of that last pivot top.

Pivot points tend to become places of support or resistance. In this case we are hopping it acts as a new support.

If not then ETH can likely see downward to 440 as a next stop. Essentially erase the whole November move.

Don't forget about Bitcoin!

Bitcoin has pulled back more than 2,000 points in less than 48 hours.

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I'm keeping an eye on the 16,000 level as a potential support. Bottom line, a new support based off one of these recent consolidation levels needs to take hold otherwise there is no reason bitcoin cannot go back down to 15K and then 13,900.

Just my opinion of course. As for upside the most recent highs is the target on both bitcoin and ethereum.

Happy Crypto Discount-giving day!

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It will be interesting to see what these regulations look like when they actually come out, if they come out. That being said I think $15k is likely a good spot for bitcoin to hold up. We've seen dips like this during bull markets before, but this one may be different in that the potential changes to bitcoin and crypto from regulatory changes could have a lasting impact...

Yeah, I was reading up on some of the regulatory framework the current administration is trying to rush through. They can keep their informational hands off my self-hosted wallet info ;-)

I can definitely see how the 15K level would come into play.

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Better deals for everyone! It's gonna a Black, Black Friday for crypto if a buy back doesn't happen quick. Shows it could still be until next year's holiday season that BTC really takes off.

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Should be interesting. It will drive people crazy if BTC just floats in the 15-19k range for sometime without taking out the all time highs LOL.

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You never know what it will do. I'm learning to just take crypto day by day. If I'm in it for the long run, these dips don't matter. On a personal level, our finances will be improving this next year. Lower prices are better for our unique situation.

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You nailed it and it seems that the market gave us a shock of reality. Let's see in which direction it will move from here and if new opportunities will appear at the horizon.

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Don't regret you entry for ETH. It's profits money that you probably invested and tbh it's hard to catch the exact top and bottom. The top though, at least for the time being, you seem to have nailed.

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Oh yeah, no regrets here. Profits are profits :-)

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If we get the full 30% retracement to $14k that's just free money right there.
I really want to get that all time high monthly candle though.

Oh hell, I'm loading up the truck at 14k!

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