CRYPTONAIRE
WEEKLY CRYPTO investment journal
CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/USD
Bitcoin broke out of the $16,000 resistance on November 12 and reached an intraday high of $16,892 on November 16. The upsloping moving averages and the RSI in the overbought territory suggest that bulls are firmly in the driver’s seat. However, the BTC/USD pair has now reached close to the stiff overhead resistance at $17,200. This is the final opportunity for the traders to stall this uptrend, else a retest of the all-time highs is possible. The pair has not even corrected to the 20-day EMA since it started this leg of the up-move in early October. This shows that the rally is overheated in the short-term, hence, a dip from the overhead resistance is expected. Therefore, traders who are left with 20% of their initial long positions can close the trade at the current levels. Any dip from the current levels could pull the pair down to the 20-day EMA. The bulls are likely to defend this level but if the rebound lacks strength, a deeper correction to $14,000 could be on the cards. Such a correction would be bullish for the pair in the long-term because, during future declines, it will act as a floor where bulls may step in and buy. For now, the investors can remain on the sidelines and wait for the next opportunity to buy. Cryptonaire Weekly | November 17th 2020
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