BTC - Will there be a 30% pullback this time around?
Bitcoin has been on a tear since March 2020. The breakout in November followed up by the breakout in December, we have only seen one small pullback of about 16%.
Taking the fib levels from the 2017 high to the March 2020 low, the levels almost perfectly match up with 20K and 30K being levels of support and resistance. We've only seen a minor 15%-20% pullbacks in November so the question really is, are we only going to get another 15%-20% pullback?
If we smash through 30k, then I would say everyone needs to be positioned in at that point. The next level of resistance would be about 46K from there with a final price target of about 160k. I am looking for one last entry at 22k and then to the moon we go. Taking a fib time zone of the two previous tops from 2017 to 2019, it lines up with Jan 1st 2021. Ironic? I think not. Bitcoins price reacts very psychologically, and all of these price points and time zones are phycological levels. I will be looking to increase positions in Ethereum and Litecoin in the coming weeks as Alt Season approaches. This may be the last time to get into BTC, in my opinion, before it starts to get expensive.
As always, do your own research and formulate your own theories. I am not a financial advisor and this is not financial advice. Good Luck!
Taking the fib levels from the 2017 high to the March 2020 low, the levels almost perfectly match up with 20K and 30K being levels of support and resistance. We've only seen a minor 15%-20% pullbacks in November so the question really is, are we only going to get another 15%-20% pullback?
If we smash through 30k, then I would say everyone needs to be positioned in at that point. The next level of resistance would be about 46K from there with a final price target of about 160k. I am looking for one last entry at 22k and then to the moon we go. Taking a fib time zone of the two previous tops from 2017 to 2019, it lines up with Jan 1st 2021. Ironic? I think not. Bitcoins price reacts very psychologically, and all of these price points and time zones are phycological levels. I will be looking to increase positions in Ethereum and Litecoin in the coming weeks as Alt Season approaches. This may be the last time to get into BTC, in my opinion, before it starts to get expensive.
As always, do your own research and formulate your own theories. I am not a financial advisor and this is not financial advice. Good Luck!