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When the price recovers relentlessly and seems to be able to reach the moon, we can be certain that a short-term top is around the corner. Can I locate the summit? No!
Can the market go higher and make me look like a fool? Certainly yes!
However, earning profits, especially after such a vertical race, is a good strategy. I believe it is time for Bitcoin investors to start recording partial profits on their investment positions. They will have ample opportunity to re-establish long positions at lower levels when the correction begins.
The introduction of Bitcoin term trading in a matter of days will reveal a number of short sellers who are likely to bet against the incessant rally. For the first time, Bitcoin bulls will be face to face with the bears, who will have the tools to sell crypto-currency short.
It's hard to predict if short sellers will force the price down A long wind up or the bulls will force a short squeeze on the bears. Considering the uncertainty, it is wise to reduce the risk
Let's see, when should we start selling the positions.
BTC / USD
Since the low of $ 5,450.86 on November 12, only one strategy has worked for Bitcoin, namely, buy and hold. Traders who bought at the lowest are sitting on profits of about 150% in less than a month.
However, I have never anticipated such a stellar gathering. I have continued to wait for the decline or consolidation that could provide an attractive entry opportunity, which never materialized.
<img alt=" BTC / USD "src =" https://cointelegraph.com/storage/uploads/view/8596547850220d10b40f1e6c470b6263.png "title =" BTC / USD "/> Going back two years, we are seeing that every time the RSI reaches nearly 89 levels, it led to a correction, but not immediately. The current rally pushed the RSI to the same overbought levels, which warns us that a correction is approaching [19459008
Where can we expect Bitcoin to reach its peak?
Bitcoin is expected to face resistance between $ 13380.68 and $ 15252.86, which are critical Fibonacci
] The target of $ 15,252.86 is about 12% higher than current levels, and I would be afraid to cling to the currency to pull out the last dollars from the market.
I recommend counting partial profits at current levels and follow the stops of n the res positions aunts according to individual risk appetite. For traders who sit on the sidelines, I suggest waiting, until we get a decent correction and a low risk business opportunity.
ETH / USD
In my previous analysis, I had forecast a goal of $ 652 for Ethereum. Some readers believed that the level would be reached in December of this year. Not likely. The ascending triangle model is formed over a period of 7 months. As a result, it may take Ethereum two to three months to reach its target goal. Another thing to keep in mind is that not all outbreaks reach their goals. Therefore, traders should always protect their positions with a stop loss.
<img alt=" ETH / USD "src =" https://cointelegraph.com/storage/uploads/view/516b3ad40afa5ce58c75c92dfb295d73.png "title =" ETH / USD "/>
The The bounce rate of $ 388.55 was high, but the cryptocurrency could not come out of the $ 480 levels
Ethereum broke through the 20-day EMA, supporting between 388 $ and $ 400.
Nevertheless, I do not see any buying setup at current levels, I will wait until the digital currency shows its strength in the next few days before suggesting any exchange.
BCH / USD
I had proposed a long position at $ 1420 in my previous analysis: the position was filled on December 1, but the withdrawal was stuck at the levels of $ 1622.99 on December 3.
<img alt=" BCH / USD "src =" https://cointelegraph.com/storage/uploads/view/4a91322d9d67139fc6 0a86f0fbc03a70.png "title =" BCH / USD "/> As Bitcoin attracted all the attention, altcoins could not find any support from the bulls.
As a result, Bitcoin Cash broke the 20-day EMA, which is a bearish development. However, as he still quotes above the $ 1,180 critical support, I suggest keeping the position.
Nevertheless, I propose to increase the stop from $ 1120 to $ 1170, just below the intraday trough of November 30, because, below this level, Bitcoin Cash will become negative and may fall to levels $ 854
Cryptocurrency will gain strength once it has exceeded 20 days of EMA.
XRP / USD
I had advocated a long position at $ 0.251 for aggressive traders. The position was triggered on December 01 itself. However, contrary to my expectations, Ripple did not rally to $ 0.28
<img alt=" XRP / USD "src =" https://cointelegraph.com/storage/ uploads / view / 8689ce6432bf2eaab6add8c8ce9bb05e.png "The pullback was unable to break through the Fibonacci retracement level of 61.8% in the fall, from $ 0.281 to $ 0.2195
After staying in a fork for three days, the price collapsed in December 05. Yesterday he broke below our stop loss of $ 0.2195
Now the Virtual Currency can extend its fall to levels of $ 0.19.
LTC / USD
Litecoin is another Indeed, he experienced a new high of $ 106,334 in December, but he hard to get out of the resistance line of the ascending channel, which is a negative divergence
<img alt=" LTC / USD "src =" https: // cointelegraph .com / storage / uploads / view / af028ce29a00d7b18fdedeb414edac39.png "title =" LTC / USD "/> If Litecoin does not clear off overhead resistance within a day or two, it is likely to falling to the 20-day EMA
On the other hand, if it comes out of overhead resistance at $ 105, it will continue its uptrend and recover to $ 125 .
As I can not find any configuration of purchase at current levels, I do not advise any
DASH / USD
I had planned that Dash would encounter difficulties in getting out of the ascending channel in the previous analysis, and that is what happened.
<img alt=" DASH / USD "src =" https://cointelegraph.com/storage/uploads/view/5581f77f18ede91e8b8dc91393b464af.png "title =" DASH / USD "/> After consolidation near highs during three days, the digital currency broke down on December 5.
It has prolonged its downfall and threatens to break the trend line support of the ascending channel.The next support is at the EMA of 20 days, at $ 640 and if this level also breaks, the cryptocurrency may drop to $ 605.66, the level of Fibonacci retracement of 38.2% from $ 266.99 to $ 815
I am waiting for the withdrawal to end before suggesting an exchange It is best to stay on the sidelines until then, I believe.
* BTC / USD, ETH / USD, LTC / USD and BCH / USD market data are provided by the HitBTC Grant.