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Bitcoin had been doing a pretty good job maintaining a long term support since from the start of the bull rally in October 2020, as depicted on the solid green line on my chart. Although 2021 is seen as a generally bullish year, Bitcoin had already seen two major corrections. The first was due to Elon Musk tweet and the miner exodus from China, which saw the coin plummet about 55% from an ATH in a span of less than a month. Bitcoin saw another correction in September after the news of Evergrande and more China FUD, and the price saw a 25% crash.
As of October and the 1st week of November, Bitcoin had regained most of the losses sustained from earlier this year, and the rally this time was fueled mostly by institutional investors, financial organizations and even some world government, compared to the majority retail-investor and leverage trading driven rallies of the past. Bitcoin is now consolidating in the main resistance area, which had yet to be broken thru even though BTC saw a new but brief ATH of 67K in late October. The news of the passing of the $1.2T infrastructure bill by Congress along with the new crypto tax reporting law, which can be interpreted as bad news to the crypto community, may potentially cause FUD to reemerge and some panic selling from paper hands.
It is possible to to see BTC break to the downside from its current consolidating pattern in the coming weeks. Worst case scenario, BTC will bounce to it's biggest ascending support around 45-47K somewhere in December, but within days see quick rally as HODLer's buy limit orders start to scoop the dip. Only then will we see BTC at new ATHs.
When in doubt, zoom out. This entire year of 2021, Bitcoin is a giant ascending triangle. Next stop: the moon!
Bitcoin had been doing a pretty good job maintaining a long term support since from the start of the bull rally in October 2020, as depicted on the solid green line on my chart. Although 2021 is seen as a generally bullish year, Bitcoin had already seen two major corrections. The first was due to Elon Musk tweet and the miner exodus from China, which saw the coin plummet about 55% from an ATH in a span of less than a month. Bitcoin saw another correction in September after the news of Evergrande and more China FUD, and the price saw a 25% crash.
As of October and the 1st week of November, Bitcoin had regained most of the losses sustained from earlier this year, and the rally this time was fueled mostly by institutional investors, financial organizations and even some world government, compared to the majority retail-investor and leverage trading driven rallies of the past. Bitcoin is now consolidating in the main resistance area, which had yet to be broken thru even though BTC saw a new but brief ATH of 67K in late October. The news of the passing of the $1.2T infrastructure bill by Congress along with the new crypto tax reporting law, which can be interpreted as bad news to the crypto community, may potentially cause FUD to reemerge and some panic selling from paper hands.
It is possible to to see BTC break to the downside from its current consolidating pattern in the coming weeks. Worst case scenario, BTC will bounce to it's biggest ascending support around 45-47K somewhere in December, but within days see quick rally as HODLer's buy limit orders start to scoop the dip. Only then will we see BTC at new ATHs.
When in doubt, zoom out. This entire year of 2021, Bitcoin is a giant ascending triangle. Next stop: the moon!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.