Every day I get messages asking me if it’s the right time to sell or buy Bitcoin and Ethereum. Although I do not give financial advice, I try to best explain my current position on the top cryptocurrencies through my newsletter (bi-weekly) and my Crypto Corner video podcast on Youtube. I have been calling a correction in Bitcoin for the past two weeks and despite breaking the crucial $16k resistance level, I have doubts that we can jump any higher without a well-deserved “breather” – in other words, I expect a correction and I gave my arguments in favour of this in my latest episode of Crypto Corner yesterday.
As explained, I feel that 10% or even 20% correction will be totally normal and healthy for the continuation of the bull run that will eventually take us into new ATH.
As predicted, a correction is inevitable and even imminent. In fact, just hours after I aired this episode, Bitcoin started correcting. A few hours later, Ethereum followed suit, so no surprises really. The question right now is really:
How much will we correct? Are we going to the mid-15k price range (that’s for sure)… are we going to be stopped there for consolidation and will that support hold or are we diving deeper to the lower support levels of $14k and $13.5… I feel it’s possible, though right now it seems unlikely. If this correction was happening any other time than Nov/Dec, I would be more confident about it. However, we are now in the best time of the year for a Bitcoin rally, so it’s very possible that we only correct to the mid-$15k range and opt for another leg up. Beginning of 2021 however, could bring the much-awaited drop to $13k – a price level that has many hungry buyers and one that will most likely be bought in no time.
Only time will tell how this will play out, I am hedging into fiat and I’ve exited all alts in the mean time.
OTHER POSTS YOU MIGHT LIKE:
You’re probably familiar with Black Friday – a commonly used name for the Friday following Thanksgiving Day in the United States, which is celebrated on the fourth Thursday of November. The day after Thanksgiving has been regarded as the beginning of the United States Christmas shopping season since 1952 but only became widely known as Black … Continue reading Best Black Friday Crypto Deals (Not To Be Missed)
CRYPTO CORNER EPISODE 112 In today’s episode we look at the current markets and try to find the possible price ranges of support for this correction. ►The Markets Today ►Black Friday Sales Announced 🌐Check out Token Metrics and start receiving daily emails with News, market analysis and use their price prediction tool. You can give … Continue reading Market Crash…what to do? Crypto Corner ep.112