Bitcoin Consolidation Guide for Dec 2020
Updated
Context
In November 2020, Bitcoin rose to a local high of 19.5k USD, challenging the all-time high set in December 2017. The run to 19.5k in 2020 occurred after a March low of 3.5k, and was highlighted by an impressive jump from around 10k-19.5k in the Sept-Nov months.
Summary
Look for these ranges listed below. Support ranges 2-3 will put this period of consolidation, right where it expected, relative to 2016-2017 runs up to the contested ATH of 19.5k (30% consolidations were norm in that period).
Support Range 1
In November 2020, Bitcoin rose to a local high of 19.5k USD, challenging the all-time high set in December 2017. The run to 19.5k in 2020 occurred after a March low of 3.5k, and was highlighted by an impressive jump from around 10k-19.5k in the Sept-Nov months.
Summary
Look for these ranges listed below. Support ranges 2-3 will put this period of consolidation, right where it expected, relative to 2016-2017 runs up to the contested ATH of 19.5k (30% consolidations were norm in that period).
Support Range 1
- 17.2kSupport Range 2
- $14.5-14.7kSupport Range 3
- $14.0-14.3kSupport Range 4
- $13.2-13.3kStop Loss for Support Ranges
- $12.5-12.7k where we see risk outweigh potential gains
Bulls in Trouble/Trend in Jeopardy - Lower kelt on the 1wk chart. A line where I'd recommend having a stop set incase its reached.
REKT Line - Bears have full control - Self Explanatory, a break below this line will look terrible for bulls and crypto alike. 40-50% drop.
Note
Still Relevant.
Eric Thies
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