After a strong couple of months, Bitcoin has failed to close above the $20k level in the first week in December. And after some consolidation and profit taking, price is starting to decline. So the question is, is the Bitcoin bull run over or are we witnessing just a pull back, before the next leg higher.
https://cryptopotato.com/bitcoin-btc-plunges-900-usd-in-hours/
https://www.ibtimes.com/bitcoin-price-could-drop-16000-due-these-3-major-factors-3097962
MY TRADING METHODOLOGY IN A NUTSHELL BELOW
I’m a supply and demand trader. The premise of supply and demand trading is when the market makes a sharp move up or down the large institutions i.e banks/hedge funds are not able to get their entire trade placed into the market, leaving pending orders to buy or sell at the zone with the expectation the market will return to the zone and the rest of their trading position will be filled.
I use multiple time frame (MTF) analysis to improve my discretionary trading decisions. MTF analysis involves analyzing the same asset on multiple time frames. The rule of thumb when using MFT is you want your charts to scale down/up by 4X – 6X. In my case I tend to look at:
Monthly Charts (curve time frame) – which represents that jet fighter flying over the football stadium.
Weekly Charts (trend time frame) – which represents the concession stands looking down at the field.
Daily Charts (entry time frame) – which represents being on the football field with the player.
4 Hr Charts (entry time frame) – which represents the center hiking the ball to the quarterback.
▶️ 3Speak
Well it certainly feels like it's over but then I just feel it's the beginning of another bull but then we might see this hovering around 18 to 19k till the end of this year but December might be different
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Yeah, I think we will blast off in 2021, but until they price will just be range bound.
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I don't think the bullrun is over, it looks like a correction though.
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Agree, a pull back before the next leg higher.
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