Bitcoin shot past 20k on its 3rd attempt at 20k and is currently trading a little shy of 24k. Fib retracement shows that 24k is one resistance level followed by the next resistance at 30k. YouTubers are divided on where the correction is going to take place. Traders like Alessio has price targets up to 24k (taken profits?) and is waiting for it to correct while other youtubers are staying on to 30k.
Overall:
- watch out at 24k & 30k
- Some youtubers have taken profits already and are lining new buy orders at 20k (test psyc support)
- Alts are getting hit badly (Currently on sale)
- Ultra bulls are don't care about pullback
- Institutional buyers are plentiful while retail is lacking
- Technical youtubers are waiting for pull back before taking more actions
- 21k target and 23k targets met a month before expected time
- If you draw Fib from March low to august high, you get 23k as 1.68 Fib
- Wave 3
- expecting wave 4 crash over next 4-6 weeks
- Negative divergence needs to be seen first followed by break of support before a wave 4 correction.
- Bulls have control of the market so far
- we have a long way to go
- FOMO in the institution investor space
- Corporate treasurers trying to buy BTC
- Need bigger catalyst like pension funds
- Altcoin market - Alts on sale, Datadash is loading up on alts discounts.
- ETH still holding fine vs BTC
- LTC is keeping up with BTC. At the bottom of the BTC channel
- LINK is approaching support. (66% correction from August ATH vs BTC)
- XRP testing support line
- Risk taking will increase eventually
- BTC could continue to climb
- No resistance. New territories. No price history
- Waiting for correction
- ADX is skyrocketing
- Not looking to short; looking to buy the dip instead.
- Moving averages is lagging and either will move up to catch up or candles drop to meet it again.
- a dump is possible and potential supports
- 20k as psychological support
- Diagonal trend lines back in Nov & Dec
- Drilled past 20k. Not much retail FOMO this time around
- Currently farming on Wing Finance
- ETH gas is high but
- Recommend taking the dive and explore defi
- not worried about crash cus there's not really a lot of excitements (no bubbles)
- Looking into other projects that may take off in 2021:
- Swissborg (Onboarding channel)
- Enjin (NFT)
- Hacken (cyber security)
- Polkastarter
- 17 of Dec has been the absolute top of 2017 BTC run and bottom of 2018 BTC run.
- BTC is in price discovery mode.
- Current game plan:
- Wait for resistance & consolidation
- Potentially test 20k
- Don't worry if you missed the big pump to 22k, there'll be more opportunities
- Keep an eye out for 30k based on FIB
- Big companies are entering in. Ruffer Investment bought 45k BTC, besting Microstrategy's 40k BTC stack.
- Have a hodlstack (Don't touch this HODL stack and instead trade your 10% trading stack)
- BTC is in uncharted territory
- Can use 2017 bull run model to predict 2021's run.
- Phase 1 - Run up to 50k at around March 15
- Phase 2 - Run up to 75k at around June 10
- Phase 3 - Run up to 100k at around Aug 1
- Final phase - Run up to 225k at around Sept 28 before collapse to bear season
- 23-24k range and pull back to 20k
- Mt Gox repayments not happening on Dec 15, markets went up
- ETH is on track to $800-830 level before 14k.
- Expecting 2-3 months before ETH at ATH
- Alts will be primed for good run up.
Disclaimer: The notes above are the blog author's summary of different crypto YouTubers picked for contrasting points to give a more comprehensive picture. Their points and the summary provided should not be taken as investing advice. Summary only covers what's important to the blog poster (listening at 2x speed). Crypto space is volatile, do your own research and consult an investing adviser for professional advice.