Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet
Crypto End of the Year sideways movement - No significant drop in prices
November 2020 ended and we are getting close to the end of the year, probably the worst year for a large amount of people around the world, I hope 2021 is better for everyone.
The crypto market is in the right track for probably one of the biggest bull run ever, last Sunday Bitcoin price was hovering slightly over $18k to then go up to $19,800 even a bit higher in some exchanges very close to all time highs, on some countries Bitcoin broke all time highs because of local currency against the dollar, now Bitcoin is at $19,400 sitting strong in my opinion, if you can't stand crypto prices savage drops then you don't deserve it gains, everyone who has been on this market for a few years already knows how things work with Bitcoin when it comes to price, it goes up like a savage to then drop in the same fashion, during bull market all you need to do is hold, wait for the 10% - 30% dips to buy some more and hold.
During this bull market I expect to keep making profits but to be honest probably not like 2017, yes there are still those altcoin gems that go up 1000x but are very very rare, for anyone new to crypto, a few weeks ago you just experience how fast altcoins can go up after a Bitcoin rally, profits start to cycle moving money from Bitcoin to altcoins, sometimes you think it's not much because but take in consideration that if Bitcoin is still consider a small market compare to large world-wide corporations put in perspective how small are altcoins.
During bull market conditions its better just not to short, I consider that my trading edge is shorting but when its easy to identify fear and overextended trend, during bull market the trend can stay overextended for so long all you need to do is ride the wave, last week was more of a perspective of what I think the market is going to do as I enter a few positions, some of the altcoins I mention were ETH, FIL and HIVE, here how they perform during the past week, starting sunday.
Ethereum:
Start at - $586
High at - $629
Low at - $564
Current - $602
File Coin:
Start at - $30.14
High at - $31.50
Low at - $29.06
Current - $29.32
Hive:
Start at - $0.1222
High at - $0.1406
Low at - $0.1179
Current - $0.1307
I'm still holding all three coins, Ethereum and Hive are long-term holds for different reasons, Hive I use it on a daily basis and Ethereum because for me is same or bigger than Bitcoin, File Coin I'm still holding with a very small amount on the red -3.7% for me, that's easy to cover up but I'm not into DCA when it comes to trade, either I'm right or wrong I usually don't try to fix trades, just a trading rule I "try" to follow.
Lest start with Bitcoin
Bitcoin Weekly Chart
Bitcoin Daily Chart
Click Here Full Size Image
For anyone who thinks Bitcoin is going back down to $7k sorry that wont happen. In the two charts the weekly and daily what I can see is a Bitcoin having a hard time to go up for a few reasons:
1- Rising wedge, most of the time bearish short-term
2- End of the year, traders taking profits
3- Current Bitcoin supply shortage with Paypal and Cashapp buying most of the new supply
So yes Bitcoin might have a small correction, as show on the chart the levels I'm looking at for a possible drop are $17k as the best case scenario but it's just a buy the dip opportunity although not an ALL IN, never go ALL IN no matter how cheap a project is or the October close at $13k for the following reasons.
1- 2017 Higher Low at $17k could turn out to be a strong support up here, not only as the first psychological support but also since there are some bag holders at those levels from 2017 potentially waiting for Bitcoin to keep going up and sell at a profit.
2- The 20EMA should be around $17k by the time the wedge pattern breaks down
3- Same as the 20EMA the 50EMA would follow, holding around October close
Market still very strong despite people still afraid or hurt because of the crypto winter, grow a pair.
I like to use FIB retracement but so far all Bitcoin has done is create new ladder levels and if this patter continues then $17k matches the 0.382 level on the FIB that is the first bounce before keep going down to the golden area the 0.618 where most price bounce hard to keep going up putting Bitcoin around $15k, not saying its impossible but not my choise that's why if it falls to $17k I'm buying but not all in case it falls to $15k, it's not about predicting the future but be prepared for what the market decides to do and react the proper way to make a profit, I still firmly believe this is the start of a bull market and mayor crypto assets will see new all time highs on 2021.
There are a few other coins I'm looking at, I'm just looking at the charts not fundamentals, some on futures market usually I'm only using 5x trying to keep it casual :p
Vechain
Entry: Anything between $0.1542 to $0.16, knowing me I might just jump at $0.16 but Ill try not to FOMO
Target: $0.20
XRP
Yes every time it feels like a contract with the devil
Entry: $0.42 cents, ideal would be $0.40 although it doesn't look that bad right now forming a potential bullish symmetrical triangle but I have turn out to be VERY bad at calling symmetrical triangles so Im betting against myself on this one
Target: $0.50
Note: This one be careful, they have an airdrop coming, I already own XRP so it could take a nasty dip after during the airdrop
THETA
This one was a nasty chart for me, I short it so so so so much back in the day and now its looking bullish, nice round bottom, I already bought some
Entry: $0.6822
Target: $0.77, potential 13%
Note: will sell only 50% to keep some, alts will keep going up after December ends
Ethereum
Last but the most important of all altcoins, the one that spark things up, I already own ETHEREUM so this is just a trade
Entry: Market is going to try to dump but bulls seem strong, just taking a nap, already bought at $564 and $574
Target: VALHALLA, $660, 15% gains, selling all holding of this trade
Note: no comments just send it, serious comment Im trading a potential ascending triangle
Few altcoins Im looking to buy to trade, ALWAYS USE STOP LOSS AND NEVER FOLLOW MY TRADES, as mention I dont see the market falling apart as some people may think, during this market conditions is not easy to hold since there still investors who got hurt during 2017 although be careful, keep in mind that crypto markets go up very fast and they do the same when going down, all this trades Im looking for are based on strong projects, besides trading I do some other things like mining, staking, trading bots and recently content creation.
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