Hello Everyone!
Hope all is well on Thanksgiving. Now that we have some exciting things that are happening. It is time to prep for price action ahead. Considering we saw a significant sell off for many to take profits, it is time to test supports.
This is an important time for the cryptocurrency sphere. During the last four years of researching with my colleague and I, we see that bull run opportunities are the highest during the election year in the United States. When riding the last bull wave, we saw similar price action and testing of supports before we reached December and into January.
My intentionality for writing this piece is to prevent people from panicking and just plunging ahead with selling their assets because of fear. The one thing from this space is that technical indicators/trends are easy to learn, the biggest challenge is facing yourself.
What did I do:
- Fibonacci Retracement across the whole chart on the DAILY for BTC/USDT on Binance Exchange
o Fib Retracement shows that around ($16,000-$16,300) = Support
o MA(30) is right around this level as well. The selloff on November 26, 2020 had not breached it but it is close to testing it.
Now from “Bart Simpson” and on, we see that we have been going on a bull run from $9800. It was only a matter of time; before we would have a readjustment period. I mean, we have effectively doubled in price since September, 2020. Now where we land, will be interesting. We would first need to test support at the level that I indicated above. If we fall through that point, then we could expect price to lower to right around ($13,000-$13,300) area.
If we go to this area, it would be close to testing the MA (99) DAY. The MA (99) Day is right around the ($12,500-$12,750). Once we get there, it would be time to worry about a possible trend reversal, but we won’t worry about that until then.
Hope all is well on Thanksgiving. Now that we have some exciting things that are happening. It is time to prep for price action ahead. Considering we saw a significant sell off for many to take profits, it is time to test supports.
This is an important time for the cryptocurrency sphere. During the last four years of researching with my colleague and I, we see that bull run opportunities are the highest during the election year in the United States. When riding the last bull wave, we saw similar price action and testing of supports before we reached December and into January.
My intentionality for writing this piece is to prevent people from panicking and just plunging ahead with selling their assets because of fear. The one thing from this space is that technical indicators/trends are easy to learn, the biggest challenge is facing yourself.
What did I do:
- Fibonacci Retracement across the whole chart on the DAILY for BTC/USDT on Binance Exchange
o Fib Retracement shows that around ($16,000-$16,300) = Support
o MA(30) is right around this level as well. The selloff on November 26, 2020 had not breached it but it is close to testing it.
Now from “Bart Simpson” and on, we see that we have been going on a bull run from $9800. It was only a matter of time; before we would have a readjustment period. I mean, we have effectively doubled in price since September, 2020. Now where we land, will be interesting. We would first need to test support at the level that I indicated above. If we fall through that point, then we could expect price to lower to right around ($13,000-$13,300) area.
If we go to this area, it would be close to testing the MA (99) DAY. The MA (99) Day is right around the ($12,500-$12,750). Once we get there, it would be time to worry about a possible trend reversal, but we won’t worry about that until then.