Bitcoin Consolidation Guide for Dec 2020

Nov 26, 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

• 17.2kSupport Range 2
• $14.5-14.7kSupport Range 3
• $14.0-14.3kSupport Range 4
• $13.2-13.3kStop 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.
  

Dec 11, 2020

Note

Still Relevant.