BTC TOP 3
BITCOIN RETESTS, SHOULD WE BE WORRIED?
WHEN BITCOIN DIPS, IT DIPS HARD? OR DOES IT REALLY?
From hitting as high as $69k today, in just a few hours thereafter, Bitcoin retested the $65k level liquidating those that have placed their stop losses in between.
Although this seems massive from a new investor perspective, this is technically just a normal move to be seen on Bitcoin during bull markets. Remember these quotes referring especially to cryptocurrency, “Volatility is the price you pay for performance”, and “High risk, High reward”? That is exactly what’s happening now.
Crypto analyst Michael van de Poppe even has foretold (once again) this scenario just a few hours before it happened.
In his early vlog today, he called the levels $65k-$66k the area Bitcoin should hold if we want upwards momentum to continue. He also pointed out that we could be seeing some liquidations around these all-time high areas as people’s last reference for taking profits before finally going into price discovery mode.
Look at some of the OG’s take on this recent dip Bitcoin had:
Get ready for 10-20k daily swings soon— CRYPTO₿IRB (@crypto_birb) November 10, 2021
It’s not a bearmarket for #Bitcoin.— Michaël van de Poppe (@CryptoMichNL) November 10, 2021
In bull markets, #dips are meant for buying.— Altcoin Daily (@AltcoinDailyio) November 10, 2021
Hence, this dip is nothing to worry about, folks! We are surely going back up. 🙂
WHICH IS BETTER: BITCOIN vs ALTCOINS?
Crypto Analyst Nicholas Merten, or much known in his YouTube channel DataDash, said BTC has still much more upside to go.
But the question many people have, mostly with new retail investors, is when do we switch to altcoin and when to Bitcoin?
The thing is, if we keep switching back and forth, we might be losing than gaining as we cannot really time the market that perfectly.
From here on to the humblest target of $100k for Bitcoin would be somewhere near 50% gain. That is a lot, right? But Merten pointed out that altcoins are generally gonna be making more multiples than 50% return probably in the next few months.
He also said altcoins usually outpace Bitcoin towards the end of the cycle.
Hence, leading us to question, are we on Altcoin Season yet?
Let’s check out this Altcoin Season Index.
According to this chart, we are not yet in Altcoin Season. But we’re definitely halfway there! So if you are holding bags of altcoins than Bitcoin, you might be better off waiting for that time to come rather than trying to switch in back and forth Bitcoin and altcoins.
Not financial advice, but just saying. Even Merten said he personally believes that being in the altcoins, generally, is going to be the better bet going towards the end of the cycle.
Some technical analysis on a few coins and their current status (some with targets)
ADA/BTC – massive bullish divergence
LTC/BTC – all-time low on Binance, at support, and massive bullish divergence.
ADA/USDT – breakout of the wedge, and now a perfect retest at $1.89 and should be heading to $2.47
LTC/USD – monster breakout. nearing in a key area of resistance, but if it keeps running, we’ve got higher targets in sight. but if not, catch a retest at $236 area
ETH/USD – retest of the all-time high and potentially hitting another new all-time high
XRP/USD – broken out of its macro resistance, retested (2 candles in a row) support, and the next immediate target is $1.96
EOS/USD – break of the trading range, retested the support, increased volume = looking good
TRX/USDT – is looking positive. if it breaks the resistance at $0.123 and retests it, it could go up to $0.18
XMR/USDT – looking boring at the moment; we want to see a flip of $296, then $316, to finally heading back to its highs of $519
ETC/USD – breaking out of resistance then holding support; not much volume right now but should be heading to $176
NEO/USDT – breaking both local and macro resistance, should be first heading to $66.
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE.
ABOUT THE AUTHOR
Elisa is our Head of Market Analysis at Rocket Crypto X
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