Bitcoin remains just under 20k and is seeing small retracements of up to 15-20%. Much smaller than the 30-40% anticipated by many who have been studying previous bull runs. Is this the new trend or is a 30-40% pull back long overdue? Lots of pumpamentals and dumpamentals discussed, many gameplans laid out by youtubers and predictions given on where BTC may go if it doesn't break 20k.
Join us at our next Zoom meeting coming Wednesday as we discuss this more in details.
Overall:
- Fundamentally speaking, lots of corporate buyers like Micro strategy buying in more BTC as well as positive regulatory news including US OCC not going to ban bitcoin
- Retail interest is still low (Massive upside potential)
- BTC has some dumpamentals
- MtGox refunds on Dec 15
- China holding 1% BTC from PlusToken raid
- Stable Act in discussion
- Until BTC can flip 20k, still a toss up
- General consensus with technical traders on support at 16-17k (does not make this an absolute support)
- Some eyeing 30% retracement (back to 13k) based on historical run up behaviours
Chart from Satoshi Stacker YouTube Video showing support and resistance points.
Disclaimer: The views below are my summary of different crypto YouTubers picked for contrasting points to give a more comprehensive picture. Their points and the summary should not be taken as investing advice. Summary may not be 100% accurate (listening at 2x speed). Crypto space is volatile, do your own research and consult an investing adviser for professional advice.
- ECB is boosts bond buying to 1.85T Euros
- BTC dropping from 20k to 18k is just a bump on the road
- "You don't want to bet against bitcoin"
- "16-17k at worst drop"
- Cup and handle forming
- Alt coins domination is above old trend.
- Defi utility is at all time highs
- focus on averaging in on red days
- playing for the long term (1 yr -5 year plays)
- interested in positioning before the big run up
- Not convinced with the relief rally
- Bearish flag forming at the hourly chart, could break down to 17.4k
- Macro picture is bullish
- Overall game plan is to build up long positions on every major dip
- has buy orders down at 16.7k and 15.5. Positions are based on likelihood of trend reversal
- BTC at under 7 day moving average, more bearish reason to drop lower
- ETH is around $500-600 channel
- Personally not trading, not shorting cus BTC still in uptrend
- BTC fell under 18.3k - 19.9k range
- broke support at 18.3 and in the channel under
- Uptrend until BTC drops below 16k-17k
- bullish scenario, test 17.5 and flip 18.2k and enter 19k range
- if drop to 16k range, it's still a healthy correction (If under, that's a bit concerning)
BitBoy Crypto (ETH bull Sold all of his ETH)
- Sold all of his ETH for BTC
- Goal to gain more ETH in the long run
- Moved out of larger cap coins and HODLing BTCs only.
- Expecting bitcoin run up past all time highs by "Dec 23"
- If BTC moves down, alts get hurt even more.
- Expecting ETH to increase against BTC in Feb (based on last bull run)
- When BTC at 23-25k level, will be moving into ETH
- Microstrategies bought in more BTC at 19.4k
- Argument for LTC
- LTC may appeal to females. BTC too expensive to buy in, they can get a "silver" for $80
- Dec-March may be alt season (based on 2018, 2019 and 2020)
- XRP has strong fundamentals being a bankers favourite and working towards being a central banker pick
- "Massive buying opportunity"
- Dip is running out of steam, volume candle is smaller than the last dip
- Loading up on alts including SXP (lowest point) and Orion
- "Last chance to get into crypto"
- accumulating CRO despite dropping lower. bullish on the long run
