Bitcoin just hit a new all-time high recently and is consolidating just below resistance. I have a question: How far down can Bitcoin go on a sudden retrace?
That's a great question. Assuming that Bitcoin will continue growing mid-term and long-term, we can expect some more consolidation before higher prices. A retrace is not mandatory but is possible. A correction is almost impossible; low probability; not likely.
The worst case scenario Bitcoin does go down and the action should stop right at the previous high. Resistance turned support. That is, $112,000 to $110,000 would the first and main support range. Harder for Bitcoin to move much lower but these levels are not active yet.
If Bitcoin were to produce an extreme shakeout before additional growth, I would say the worst possible would be a touch of $104,000, but this is still a low probability setup. The chances are that Bitcoin will continue sideways while the altcoins grow. The fact that the altcoins are bullish means that Bitcoin will resume growing in due time. The next major move is another advance exceeding $130,000. It can happen within weeks or next month.
Patience is key on Bitcoin, the altcoins need to catch up.
Sometimes, Bitcoin can go sideways for months wile the altcoins grow. Prepare to wait or switch yourself to some mid-sized and small-cap altcoins. The big pairs tend to move like Bitcoin. Each chart needs to be considered individually.
Thanks a lot for your support.
Feel free to leave a comment with your favorite altcoin for an update. I will do an analysis for you in the comments section below.
Namaste.
That's a great question. Assuming that Bitcoin will continue growing mid-term and long-term, we can expect some more consolidation before higher prices. A retrace is not mandatory but is possible. A correction is almost impossible; low probability; not likely.
The worst case scenario Bitcoin does go down and the action should stop right at the previous high. Resistance turned support. That is, $112,000 to $110,000 would the first and main support range. Harder for Bitcoin to move much lower but these levels are not active yet.
If Bitcoin were to produce an extreme shakeout before additional growth, I would say the worst possible would be a touch of $104,000, but this is still a low probability setup. The chances are that Bitcoin will continue sideways while the altcoins grow. The fact that the altcoins are bullish means that Bitcoin will resume growing in due time. The next major move is another advance exceeding $130,000. It can happen within weeks or next month.
Patience is key on Bitcoin, the altcoins need to catch up.
Sometimes, Bitcoin can go sideways for months wile the altcoins grow. Prepare to wait or switch yourself to some mid-sized and small-cap altcoins. The big pairs tend to move like Bitcoin. Each chart needs to be considered individually.
Thanks a lot for your support.
Feel free to leave a comment with your favorite altcoin for an update. I will do an analysis for you in the comments section below.
Namaste.
Trade active
Bitcoin's current situation is not unexpected. It is normal for Bitcoin to move sideways for the altcoins to grow. Sideways in this case means a price range between $112,000 to $120,000. It is a wide range but that's how it works.Even if Bitcoin continues lower the market bias is extremely bullish; the market never moves straight down nor straight up. After a rise meets resistance, there is a pause. This pause is the consolidation phase. As long as the action remains above support, 110-112K, we can expect the end of the rest period to resolve as a continuation of the bullish wave.
Bitcoin will continue to grow, make no mistake. But it needs to rest before going higher because the year has many months left. Since we are going to experience growth all the way to November and likely beyond, the rest is happening now.
Thanks a lot for your support.
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๐จ TOP FREE Trades
ETH +1450% ยท AAVE +1134%
XRP +749% ยท DOGS +868%
BTC +563% ยท SOL +658%
t.me/anandatrades/1350
๐จ FREE Analyses & New Results
t.me/masteranandatrades/6499
๐จ PREMIUM LIFETIME (Since 2017)
lamatrades.com
ETH +1450% ยท AAVE +1134%
XRP +749% ยท DOGS +868%
BTC +563% ยท SOL +658%
t.me/anandatrades/1350
๐จ FREE Analyses & New Results
t.me/masteranandatrades/6499
๐จ PREMIUM LIFETIME (Since 2017)
lamatrades.com
Related publications
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.