November 17th Cryptonaire Weekly Best Crypto Magazine Editor’s Letter
Find out the latest news of our bitcoin, cryptocurrency and more on our best cryptocurrency magazine. Bitcoin has been inching higher towards the all-time highs. However, unlike the previous bull market in 2017, the euphoria and frenzy, mostly among retail traders have been absent. This is a positive sign as it shows that the current rally has largely been driven by stronger hands who are not buying cryptocurrencies to get rich overnight.
Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, believes that the current rally is likely to continue in 2021, with the major hurdle being the all-time highs at $20,000. After that, McGlone opines that Bitcoin could hit a market capitalisation of $1 trillion.
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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.
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