Bitcoin
BTC$70 102.05

-0.94%

Ethereum
ETH$3 548.67

-1.04%

Tether
USDT$1.000161

0.06%

Binance Coin
BNB$612.52

4.54%

Solana
SOL$185.38

-0.40%

XRP
XRP$0.623886

0.47%

Bitcoin dips below $47K but one trader is eyeing 'solid risk/reward' for longing BTC now


30 Dec 2021

#Bitcoin

Short-term profit opportunities are there, but so are concerns over a "panic" sell-off still absent from BTC price charts. Bitcoin (BTC) added to its losses on Dec. 29 with a fresh tumble briefly taking BTC/USD below $46,600. Data from Cointelegraph Markets Pro and TradingView showed the pair giving up ground prior to the Wall St. open to increase its 48-hour correction to 10.4%.

The latest move in a familiar pattern of behavior, the market showed that the range in which Bitcoin has acted in December remains very much in play.  As market participants resigned themselves to a lackluster end to the year, popular trader and analyst Scott Melker noticed a possible buying opportunity at current levels on short timeframes. Bitcoin's relative strength index (RSI), in addition to other bullish signals, had entered "oversold" territory during the dip in what is a classic buy-in trigger.

"If you are trading small time frames, there's very solid risk/reward of punting longs here," he wrote in one of several tweets about the opportunity. "RSI oversold, hourly about to make a bull div, at the range EQ, low conviction selling on minimal volume." 

BTC/USD subsequently bounced from the lows to return above $47,000. Melker had previously defended the retracement from $52,000, arguing that "nothing had changed" overall for rangebound Bitcoin.

Brandt: Panic sell-off "still yet to happen"

Not everyone, however, was optimistic. Peter Brandt, the veteran trader who earlier in the week had warned of "fake breakouts" in thin-liquidity markets over the holidays, now eyed room for further downside.

A phase of "panic capitulation" worse than early December appearing is nonetheless a topic of debate.

Retail investors, others argued, were likely not prone to mass selling at current levels, pointing to increases in small-balance wallets and evidence of strong hodl behavior throughout the year.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.6% 42 $70 102.05 -0.94% 8.41% $1 378 721 112 129 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 50 $3 548.67 -1.04% 3.44% $426 091 134 629 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000161 0.06% 0% $104 521 125 383 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64.4% 81 $612.52 4.54% 7.46% $91 594 467 823 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 56.8% 88 $185.38 -0.40% 5.95% $82 385 078 775 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 84.8% 28 $0.623886 0.47% 0.09% $34 241 537 263 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $0.999936 -0.02% -0.01% $32 488 072 414 USDC 7 days price change
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14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 74% 57 $623.57 9.94% 53.19% $12 273 269 375 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 79.6% 42 $18.86 -3.55% 4.45% $11 075 390 725 LINK 7 days price change

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