BITCOIN CLOSES RED AT 57K ON THE MONTHLY CHARTS, HOW IS DECEMBER LOOKING LIKE FOR CRYPTO

BTC TOP 3

NOVEMBER: BITCOIN CLOSES on RED

November has always been a green month for the market, yet this one we just have is a little out of ordinary. Bitcoin is about to close the monthly candle on the red still ranging at 57k. Despite how bullish we want to be, Bitcoin being Bitcoin, it always does what it always does: uncontrollable and unpredictable.

PlanB’s floor model prediction of 98k is clearly the first miss after being on point for several months. But there are still people out there who are showing support for his December prediction.

How much do you think we’ll hit this December?

BULLISH CASE FOR BITCOIN

Another theory is that Bitcoin is doing ‘Livermore’s Speculative Chart’.

Livermore’s Speculative Chart Theory on Bitcoin

If this plays out, Bitcoin could be targeting $85k on the next move up!

Crypto Zombie said that although this is potentially the case for December and the coming months, we may have to go down again before this happens.

Bitcoin touching back the low-$50k’s would not be bearish, he said. In fact, it can be viewed as the final potential opportunity to accumulate Bitcoin before the next massive move.

He still thinks $75k is attainable by the end of this year. but we may be having just one more dip just to build up that base so we can move to those next higher levels.

The Moon Carl also said the same thing. There is still a possibility for Bitcoin to come down and retest $52.6k level and then a huge bounce back up.

He said that a confirmed support on $52.6k level, which was a previous resistance, is a massive, massive bullish signal for Bitcoin.

Do you think we are now about to bounce?

ETHEREUM TO OUTPERFORM BITCOIN, AGAIN?

Scott Melker said in his vlog: ETH looks poised to outperform BTC yet again.

This isn’t something new especially for the past several weeks where Ethereum has been showing strength against Bitcoin.

MMCrypto, an analyst/trader, explained to Bitboy Crypto on his channel how ETH is taking the lead against BTC.

On the 12hr chart, ETH has broken the ‘W’ pattern, and currently confirming the breakout. If played out, the target for Ethereum would be a new all-time high: $5100.

Also on the ETH/BTC chart, we’re getting very close to the local high. And with having just broken out from the symmetrical triangle formation, the price target could a +10% from here. That would be $5.7k-$5.8k, even $6k price levels.

And this is no wonder why when asked the question, ‘Which would get to 2x faster: BTC or ETH’, Gareth, an analyst and a friend on the ‘Around the Blockchain’ segment of Bitboy Crypto’s channel, undoubtedly said Ethereum.

Melker also said this: Ethereum’s not going anywhere, it is still the biggest one and probably the easiest trade and safest investment of all.

How about you, which one do you think would 2x first? Comment down. 🙂


ABOUT THE AUTHOR

Elisa A.

Elisa is our Head of Market Analysis at Rocket Crypto X

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