BTC/USD: Long term outlook and levels
After bouncing around it looks like this range is finally consolidating here. The volatility on BTC has reached lows, and it is due for a large move. Price action recently looks like it wants to breakout, however, I am weary of testing the $6,000 low too many times and breaking down. In the event bitcoin breaks down, it could drag alts another good 30%-40%.
If momentum broke upward from this range, I would eye around 10k as the first significant target level as marked in the first green box.
I still am thinking we will range here between the marked support and resistance levels for a while, potentially something like 4-6 months. Even If we breakout, I think there is a chance that we breakout and then come back to the $6,000-$7,000 range for a while and continue to consolidate here. Lack of volatility could bring some capitulation, which would then force a downward break of the range where we would see the $3,000-$5,000 price scenario.
This stability that bitcoin is providing right now is prime for alts to thrive. There have been some alts starting to run throughout October, and starting somewhat in November. The range bitcoin is currently in seems like a prime opportunity for alts to decouple and ideally start to run. While Bitcoin ranges here its likely more lucrative to focus on alt moves. Unless you are able to scalp intraday on leverage on BTC, or have some sort of bot/algorithmic/automated strategy, alts are likely a better place to spend time in hopes of making more satoshis.
Just some longer term thoughts, TDLR: Bitcoin will probably be boring for a while, probably should focus on alts while we are ranging
If momentum broke upward from this range, I would eye around 10k as the first significant target level as marked in the first green box.
I still am thinking we will range here between the marked support and resistance levels for a while, potentially something like 4-6 months. Even If we breakout, I think there is a chance that we breakout and then come back to the $6,000-$7,000 range for a while and continue to consolidate here. Lack of volatility could bring some capitulation, which would then force a downward break of the range where we would see the $3,000-$5,000 price scenario.
This stability that bitcoin is providing right now is prime for alts to thrive. There have been some alts starting to run throughout October, and starting somewhat in November. The range bitcoin is currently in seems like a prime opportunity for alts to decouple and ideally start to run. While Bitcoin ranges here its likely more lucrative to focus on alt moves. Unless you are able to scalp intraday on leverage on BTC, or have some sort of bot/algorithmic/automated strategy, alts are likely a better place to spend time in hopes of making more satoshis.
Just some longer term thoughts, TDLR: Bitcoin will probably be boring for a while, probably should focus on alts while we are ranging
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