CRYPTONAIRE
WEEKLY CRYPTO investment journal
CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/USD
We were anticipating strong resistance at $14,000 from the bears. Hence, we had recommended booking profits on 80% of the long positions. However, that did not happen. Bitcoin surged on November 5 and hit an intraday high of $15,977.67 on November 6. The bears attempted to drag the price down sharply on November 7, but the bulls purchased aggressively at lower levels. This shows that the buyers are accumulating on dips. However, after the sharp rally in the past few days, we expect the BTC/USD pair to enter a consolidation or a minor correction.If the bulls do not give up much ground in the next few days, the possibility of a rally above $16,000 increases. If that happens, the pair may surge to $17,200 and then to the lifetime highs. The upsloping moving averages and the RSI near the overhead resistance suggest advantage to the bulls. This view will be invalidated if the pair turns down from the current levels and plummets below $14,000. Such a move could tilt the advantage in favour of the bears. Traders who have 20% of positions remaining could trail the stop-loss below the 20-day EMA. We do not see any fresh buying opportunity at the current levels. Cryptonaire Weekly | November 10th 2020
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