Bitcoin Consolidation Guide for Dec 2020 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
$17.2k
Support Range 2
$14.5-$14.7k
Support Range 3
$14.0-$14.3k
Support Range 4
$13.2-$13.3k
Stop 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.
