BTC- Correction is near
Since the low of $5450.86, on November 12, only one strategy has worked for Bitcoin, i.e., buy and hold. Traders who purchased at the lows are sitting on about 150% profits in less than a month.
However, I never anticipated such a stellar rally. I kept waiting for the dip or a consolidation that could provide an attractive entry opportunity, which never materialized.
Going back two years, we find that whenever the RSI reaches close to 89 levels, it has led to a correction, though not immediately. The current rally has pushed the RSI to the same overbought levels, which warns us that a correction is approaching.
Where can we expect Bitcoin to top out?
Bitcoin is likely to face resistance between $13380.68 and $15252.86, which are critical Fibonacci extension levels.
The target of $15252.86 is about 12% higher from the current levels. I would be wary of holding on to the currency to squeeze out the last few dollars in the trade.
I recommend booking partial profits at the current levels and trailing the stops on the remaining positions according to individual risk appetite. For the traders who are sitting on the sidelines, I suggest waiting, until we get a decent correction and a low-risk trading opportunity.
Since the low of $5450.86, on November 12, only one strategy has worked for Bitcoin, i.e., buy and hold. Traders who purchased at the lows are sitting on about 150% profits in less than a month.
However, I never anticipated such a stellar rally. I kept waiting for the dip or a consolidation that could provide an attractive entry opportunity, which never materialized.
Going back two years, we find that whenever the RSI reaches close to 89 levels, it has led to a correction, though not immediately. The current rally has pushed the RSI to the same overbought levels, which warns us that a correction is approaching.
Where can we expect Bitcoin to top out?
Bitcoin is likely to face resistance between $13380.68 and $15252.86, which are critical Fibonacci extension levels.
The target of $15252.86 is about 12% higher from the current levels. I would be wary of holding on to the currency to squeeze out the last few dollars in the trade.
I recommend booking partial profits at the current levels and trailing the stops on the remaining positions according to individual risk appetite. For the traders who are sitting on the sidelines, I suggest waiting, until we get a decent correction and a low-risk trading opportunity.
Crypto Trading Signals
BUY: FLDC now Target: 300+
Signal was shared when price was 118. FLDC hit 332. 181% Profit 🎯
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1: Daily 5 to 10 Trading Signals (Day Trade)
2: Free learning material and E-Books
3: ICOs, medium term and long term trading signals
4: Learning support on Graphs and charts - We will teach you how to analyse charts to know (optimal entry point) to maximise profit.
5: Portfolio advice
Contact: @cripsig
BIG NEWS: Bitcoin Will Be Legal In Russia, Mining to Be Regulated.
News: South Korea Preparing Full Crypto Exchange ‘Ban’ - Local Press
Bitcoin God (GOD) will be forked off the main bitcoin chain at the block height of 501225, which will happen on December 25h to be symbolic of me giving candy to all Bitcoin Holders. The total amount will be 21 million. No pre-mine.
Here is another one! 😂
Alan Greenspan, former U.S. Federal Reserve chairman thinks Bitcoin is not a rational currency.
Does it really matter what these people say/think. This seems to be another Jamie Dimon.
BTC is inevitable and future is blockchain.
Alan Greenspan, former U.S. Federal Reserve chairman thinks Bitcoin is not a rational currency.
Does it really matter what these people say/think. This seems to be another Jamie Dimon.
BTC is inevitable and future is blockchain.
Waiting for Sunday- Bitcoin future trading listing before making any announcements for alt investment. Be in Btc till then.
Price Analysis, December 09: Bitcoin
Bitcoin is on the cusp of mass adoption, with futures trading starting on the CBOE from 6 p.m. ET on Sunday and on the CME from December 18. After the buying frenzy of the past few days, the question in everybody's mind is whether the trading in futures will boost prices higher or will the short sellers use the opportunity to sink prices lower.
This is an unprecedented event; hence, it is very difficult to forecast the final outcome. Nevertheless, the volatility is likely to remain high in the first few hours and days of futures trading, as both the bulls and the bears slug it out at the CBOE.
While the intraday traders can use the opportunity to profit from the volatility, it will be a difficult time for the investors.
Additionally, how will the trading in Bitcoin affect the altcoins? Will it be bullish or will bitcoin garner all the attention?
We will get the answers next week. Until I get a clear picture, I will not recommend any trading positions at the moment.
The momentum in Bitcoin pierced through the critical Fibonacci resistance levels. It hit a high of $17237.44, well above the levels where I had advocated booking profits in my previous analysis.
After three large range days, the digital currency is forming an inside day candlestick pattern. I believe that the first few hours of futures trading are likely to be very volatile. It is difficult to predict, which way will the prices move.
We can only keep certain levels in mind and work with them once the volatility subsides.
On the downside, support is at $12734.97 and $11344.15, which are 38.2% and 50% Fibonacci retracement levels of the rally from $5450.86 to $17237.44. On the upside, if price breaks out to new highs, its next level of resistance is the Fibonacci extension level of $18281.68.
These levels are only guidelines. Tomorrow, Bitcoin can easily breakout or breakdown of these, hence, please trade with caution. I recommend staying on the sidelines for the next couple of days, unless one is an experienced intraday trader.
Bitcoin is on the cusp of mass adoption, with futures trading starting on the CBOE from 6 p.m. ET on Sunday and on the CME from December 18. After the buying frenzy of the past few days, the question in everybody's mind is whether the trading in futures will boost prices higher or will the short sellers use the opportunity to sink prices lower.
This is an unprecedented event; hence, it is very difficult to forecast the final outcome. Nevertheless, the volatility is likely to remain high in the first few hours and days of futures trading, as both the bulls and the bears slug it out at the CBOE.
While the intraday traders can use the opportunity to profit from the volatility, it will be a difficult time for the investors.
Additionally, how will the trading in Bitcoin affect the altcoins? Will it be bullish or will bitcoin garner all the attention?
We will get the answers next week. Until I get a clear picture, I will not recommend any trading positions at the moment.
The momentum in Bitcoin pierced through the critical Fibonacci resistance levels. It hit a high of $17237.44, well above the levels where I had advocated booking profits in my previous analysis.
After three large range days, the digital currency is forming an inside day candlestick pattern. I believe that the first few hours of futures trading are likely to be very volatile. It is difficult to predict, which way will the prices move.
We can only keep certain levels in mind and work with them once the volatility subsides.
On the downside, support is at $12734.97 and $11344.15, which are 38.2% and 50% Fibonacci retracement levels of the rally from $5450.86 to $17237.44. On the upside, if price breaks out to new highs, its next level of resistance is the Fibonacci extension level of $18281.68.
These levels are only guidelines. Tomorrow, Bitcoin can easily breakout or breakdown of these, hence, please trade with caution. I recommend staying on the sidelines for the next couple of days, unless one is an experienced intraday trader.
Crypto Trading Signals
Photo
Burn: After the FORK, approximately 55 Million coins will be burned from the future supply. There will be half a million coins less per month added to the circulating supply.
👆OMG - Long term (Three figure coin)
After partnership with Thailand's 5th largest bank, it seems to be time for Omisego to moon in 2018.
I would definitely have this in my portfolio - long term
After partnership with Thailand's 5th largest bank, it seems to be time for Omisego to moon in 2018.
I would definitely have this in my portfolio - long term
Chicago Board Options Exchange (CBOE) to launch BITCOIN FUTURE - Sunday 6PM (EST). What will happen to bitcoin price?
Price will spike up – 415
👍👍👍👍👍👍👍 58%
Price will crash – 300
👍👍👍👍👍 42%
👥 715 people voted so far.
Price will spike up – 415
👍👍👍👍👍👍👍 58%
Price will crash – 300
👍👍👍👍👍 42%
👥 715 people voted so far.