It is two weeks ago that we wrote to our premium crypto subscribers about this epic fight between bulls and bears around current price levels. No coincidence this is happening right at the 61.8% Fibonacci retracement level. Bulls looks tired, bears are relentless in blocking any significant rally, and this game is occurring almost every day in December. That said where does Bitcoin stand right now, and what to make out of it?
In this weekend’s update we committed to send daily updates to our premium crypto subscribers just because the current price levels are so critical, not just for Bitcoin but for the entire crypto space.
We want to guide our premium subscribers as good as possible which is pretty challenging because there are a few potential outcomes depending on what happens in the next few days and weeks.
If anything there might also be a structural shift in this crypto market, one that may require a different investing strategy.
In the bigger scheme of things we are still in crypto bull market #3. And although we are close to violating this, a trend is and remains a trend until proven otherwise.
That’s exactly why we look at the charts almost as if we keep them under a microscope. A structural change is something that needs confirmation before adapting our investing style.
For now Bitcoin remains near the support area of its falling channel, the one that started on June 25th, 2019. It is fighting to stay near the 61.8% retracement level. The challenge for Bitcoin will be if 7,000 USD is violated, because the space below that level is pretty wide open.
We keep our premium subscribers updated with a high frequency, and only publish once a week an update in the public domain. Want to receive the premium updates? Sign up here, get immediate access to all recent crypto alerts and ask us any question you want as part of your membership.
