A lot of people out there are looking at the daily close and saying that we're bearish and we're going back to zero again. Be careful trying to aggressively short. Take profit on spot exposure, get some low leveraged shorts, sure I can get on board with that. Here's what I am looking at, however:
First off, taking a trend from the lows in Dec 2018 to the high in Jun 2019 and pulling back to Mar 2020 gives up some strategic targets. The corrective targets have already been blasted. The next upside target is over $40,000.
No, I am not saying we're going straight there. While it's likely we will get there, I think there are a few corrections ahead of us. The most notable is going to be around $33,000 where I do expect a bit of a pullback. It could even drop as low as $20,000
The higher the BTC price is, the wilder the moves will become. It will be not uncommon for us to see $1000 swings regularly.
Money has started rotating into alts. Look at ETH as an example. It is not productive to kill bitcoin right now. Not while smart money is rotating into alts.
Corrective target to the upside of this wave 1-2 from March 2020 through roughly August 2020 sees us getting to that red box. Lots of confluence up there where I would consider unloading everything and waiting.
All in all, I am very bullish short term. I'm excited to see what 2021 holds.
Disclaimer: I am a trader. I am not an investor. What you are reading now may already be obsolete. I may have moved on from this thesis if my trade setups have been invalidated. Trade safely. Crypto is very volatile.
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המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.