Please do your own TA and FA prior to making a trading decision.
I think 10.7k is where the 61.8% Fib line is.
The falling prices are understandable. Christmas around the corner, people bought BTC without understanding what it is, and 'buy the rumor sell the news' after CME listing.
I think all other coins have already had their 61.8% or even 78.6% Fib level corrections. In my opinion, BTC should start rising from 10k levels.
Wish everyone all teh best. Let's see when BTC breaks the 23k-25k marks.
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10,700$ was my target. It has been achieved. Hopefully we will see BTC at 23k in a few weeks. Everything else (all alts) should also head up now.
Happy trading. And for all my Christian brothers and sisters, Merry Christmas.
Happy New Year to everyone in advance.
Wish everyone all the best for the next year. Hopefully we will see all cryptos flourish next year at this time at 100x the current prices.
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I am cancelling all my buy orders for now. The reason is below:
I am not entirely sure now if BTC is done falling. The buy volume has not been exactly great after the last dip to $10,700. If This in in fact an Elliott Wave pattern like the one in this chart, and if it continues to follow this pattern, then we may see BTC dropping to 5k-7k range. That can lead to huge losses. I am going to wait for BTC to rise above 17k when all the FUD is gone. Buying the dips may actually become a big issue.
I really appreciate any comments and respect everyone's ideas.
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Looking back at the weekly bar chart for BTC, starting from $162 and scaling to the ath at 191891, if BTC drops to $7698 (which is entirely possible), it will hit the 61.8% Fib line on that chart. From there, there should be no more FUD in my view. The other current charts also give rough estimates between 6k to 9k.
Looking at weekly RSI, at the minimum I see 7-10 more days of downtrend. MACD shows the same thing.
Trade with caution still. Until BTC breaks 15k mark, I would trade only with extreme caution.