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, Bitcoin breaks 18K, but caution is more important than ever, Forex-News, Forex-News
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Bitcoin breaks 18K, but caution is more important than ever

6
, Bitcoin breaks 18K, but caution is more important than ever, Forex-News, Forex-News


, Bitcoin breaks 18K, but caution is more important than ever, Forex-News, Forex-News

Without a doubt, Bitcoin has been the best performing asset of the year, with a gain of 130% so far in 2020. Just a few months ago, Bitcoin was still stuck around $ 10,000, now it has turned to 16,000 dollars in his bracket, while everyone talks about his upcoming arrival at $ 20,000.

However, will we see Bitcoin break 20K before the end of 2020?

On the morning of November 18, Bitcoin surpassed 18K for the first time since 2017, subsequently losing 3% in a matter of hours. ETH also plunged from a high of $ 495 to $ 470.

Bitcoin breaks 18K. Source: Tradingview

In the view of Ian Balina, the CEO of Washington-based Token Metrics, a big correction may be to come: “Although it is still up in the long term due to macroeconomic factors as large corporations are entering the crypto market, We expect Bitcoin to correct to around $ 14,000 by the first week of December.

What does technical analysis tell us about this trend?

In the last week, Bitcoin has tried to establish a strong foothold at $ 16,500, failing several times. A clear breakout from this level could take Bitcoin to $ 17,200, its last major hurdle before hitting 20K; But if buyers fail to secure this level, Bitcoin could fall back to the previous limited zone between $ 15,725 and $ 16,120.

On the 1 hour chart, the Fibonacci retracement tells us that Bitcoin could face retracements at the 38.25% or 50% level. Put another way, a drop to $ 16,103 or $ 16,056 is possible.

, Bitcoin breaks 18K, but caution is more important than ever, Forex-News, Forex-News
As for the RSI, there is a significant overbought, indicating a potential selloff. Source: Tradingview

Andrew Gonci, CEO of Green Bridge Investing, has warned that 16K would be a good level for some investors to make a profit: “Most think you should be completely in or completely out, but if you bought 100 million Bitcoins at 10k and now it is 160 million to 16k, is likely to take at least 16-32 million off the table.

Key events to follow in the short term

Bitcoin is still under the influence of the elections in the United States. It’s unclear where the two Georgia Senate seats will go. If Democrats lose these two seats, this could hamper the implementation of a second stimulus package against the Coronavirus, without which ultra-low interest rates and endless bond buying are impossible.

It is generally agreed that lower US Treasury yields and higher liquidity will encourage investors to put more money into the cryptocurrency market.

Unlike the rally of 2017, which was strengthened thanks to retail traders and the spot market, the momentum that Bitcoin gained in recent months came mainly from institutional investors and large companies.

Institutional giants such as Square Inc, PayPal, and JPMorgan have sent positive signals for Bitcoin adoption, which in turn increases investor confidence that Bitcoin could act as an investment diversifier in times of uncertainty. A break above 16K could rekindle the enthusiasm of retail traders and add fuel to the bullish rally; while the setbacks could cool the market.

News came on Friday that Skybridge Capital could invest $ 3.6 billion in Bitcoin. Skybridge is just one of many traditional investors showing great interest in Bitcoin.

Jesse Proudman, CEO of crypto hedge fund Strix Leviathan, comments that sentiment surrounding Bitcoin has improved significantly in 2020: “In recent weeks, sentiment around Bitcoin has improved dramatically, fueled by a constant flurry of news on growing institutional interest ”.

In the long term, the rise of Bitcoin is almost unstoppable. If you lock in $ 17,200, the next resistance would be around $ 19,700. By then, we could know if the post-Halving rally is coming.

Choose your trading strategy

In the short term, Bitcoin still has room to fall if the pandemic worsens, then we will experience the great volatility of Bitcoin again. Any good news in the COVID-19 vaccine or stimulus package research will give Bitcoin a boost.

Here we bring you two options that may be valuable to try right now:

Option 1: A wallet designed for traders and Hodlers

You may want to keep trading your BTC while waiting for a clear signal. However, since we don’t know how long it will take, in the meantime you could consider storing your BTC in an interest-bearing wallet, where your deposit could earn up to 30% annualized interest.

Option 2: Take advantage of volatility

As long as there is volatility, there are opportunities to make a profit. Using leverage, traders can buy or sell Bitcoin by opening a position several times larger than their actual capital.

Bexplus, a leading platform in the trading of cryptocurrencies with leverage, comes to offer a leverage of 100x. Even in times of great volatility, you can make a profit with the help of Bexplus. And its Stop Loss & Take Profit options can help you reduce risks and secure your profits.

Bexplus – A recommended platform for trading with leverage

  • There is no KYC requirement, registration is done via email verification within minutes.
  • Demo account with 10 BTC to familiarize traders with trading with leverage.
  • 100% bonus for every deposit and 10% discount on transaction fees.
  • Intuitive and full-featured app on the Apple App Store and Google Play.
  • Affiliate program with rewards of up to 50% commission.
  • 24/7 customer service.

You can follow Bexplus at:



, Bitcoin breaks 18K, but caution is more important than ever, Forex-News, Forex-News

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, Bitcoin breaks 18K, but caution is more important than ever, Forex-News, Forex-News
1 Comment
  1. , Bitcoin breaks 18K, but caution is more important than ever, Forex-News, Forex-News
    Anonymous says

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