The current situation with BTC is interesting. It seems to be in a bullish trend with a similar cycle. As you can see, starting from Nov 20, the starts to enter the three-phase cycle. It began with a bull run to consolidation and to a retracement. Then the cycle continues up until now. To date (15/12/20), we are in the phase of consolidation.
Personally, I think we are still in the cycle. The RSI already crossed the 50 mark but hasn’t reached 70 mark. That means we still got room for more pump.
For the next few weeks, we are going to face a retracement. After that, we will see a pump again. However, it is crucial for BTC to stay on the important support line for the trend to be in play. If not, we might face a reversal instead of a retracement.
However, I do not recommend entering the trade while the price consolidates. I expect the price will retrace to 18,700 (38.2 Fib) before going off again. It may also hit other Fib retracement level. Wait for a retracement and do not go all-in on a trade. For the people that bought lower than 18,000, you might want to hold on and not have weak hands.
Disclaimer: This is not financial advice. Please do your own research before making any investment.
Personally, I think we are still in the cycle. The RSI already crossed the 50 mark but hasn’t reached 70 mark. That means we still got room for more pump.
For the next few weeks, we are going to face a retracement. After that, we will see a pump again. However, it is crucial for BTC to stay on the important support line for the trend to be in play. If not, we might face a reversal instead of a retracement.
However, I do not recommend entering the trade while the price consolidates. I expect the price will retrace to 18,700 (38.2 Fib) before going off again. It may also hit other Fib retracement level. Wait for a retracement and do not go all-in on a trade. For the people that bought lower than 18,000, you might want to hold on and not have weak hands.
Disclaimer: This is not financial advice. Please do your own research before making any investment.
