Bitcoin: The Quiet Resurgence
2020 has been a wild ride for Bitcoin, with a staggering 90% increase this year and a jaw-dropping 191% rise since March’s lows. If that doesn’t make you want to yell ‘HODL!’, I don’t know what will. The phenomenal rise was quiet—no trumpets blaring or confetti raining down—indicating that true crypto enthusiasts are slowly but surely accumulating. In fact, Bitcoin closed October at $13,798.99, a shiny new record.
The Momentum Players’ Stage
With Bitcoin outshining its December 2017 close of $13,789.68, can momentum players and speculators resist the urge to jump on this crypto rollercoaster? If they do, we could see Bitcoin pick up the pace and surge forward. Picture this: traders booting their altcoins to dive into the BTC pool. If you thought altseason was a summer fling, it’s looking like it’s got a bit of a winter chill now.
Bitcoin Technical Analysis: Holding Strong
Bitcoin recently pierced through overhead resistance of $13,973.50, reaching as high as $14,101.91. While the bulls didn’t keep it above that resistance, they’re not ready to throw in the towel just yet. Stability above the 10-day EMA indicates that traders aren’t rushing to exit. If BTC can close above $14,000, the next destination could be around $16,500—and who wouldn’t want a piece of that action?
- Current critical support: $12,460
- Watch for: Breaks below $13,000
Altcoins on the Chopping Block
Now, let’s pivot to some other characters on this stage. While Bitcoin leads, the altcoins are either gearing up for a last hurrah or bracing for a bumpy ride. Binance Coin (BNB) recently slipped below $28.50 but is hanging on by a thread, feeling that psychological and technical tug-of-war. A break below $27.50 could see a dive towards $24.86. On the other hand, Cardano (ADA) is struggling to reclaim its footing above $0.0891. Unless it can break out, more dips could be in sight—rising bears, anyone?
Chart Patterns and Future Predictions
Let’s take a moment to appreciate the art of the trading chart. Bitcoin Cash (BCH) is currently tangled up in a symmetrical triangle, a classic case of ‘will they, won’t they?’ Until it breaks out of that indecision, patience will be key. For Chainlink (LINK), it’s a story of higher highs and lows, giving hope to its bulls, but watch out for a potential downturn if that channel breaks.
“In trading, it’s not about how much you make but how much you don’t lose.”
Final Thoughts: The Waiting Game
As cryptocurrencies exhibit their characteristic volatility, the waiting game appears to be the name of the game. Bitcoin’s rise remains tantalizing. Still, the expert advice here is simple: keep your eyes on critical support levels and trade cautiously. In crypto, there’s always another wave coming—surf it wisely!
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