Bitcoin
BTC$16 815.91

2.46%

Ethereum
ETH$1 262.81

4.49%

Tether
USDT$0.999941

0.02%

Binance Coin
BNB$298.40

-0.55%

USD Coin
USDC$0.999977

-0.02%

Binance USD
BUSD$1.000510

0.01%

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.


Related

Bitcoin’s bottom might be below $15.5K, but data shows some traders turning bullish
Bitcoin’s bottom might be below $15.5K, but data shows some traders turning bullish
Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Institutional investors are buying through crypto winter
Institutional investors are buying through crypto winter
How Much Will BTC Be Worth on October 9, 2024?
How Much Will BTC Be Worth on October 9, 2024?
Bitcoin's shy uptrend
Bitcoin's shy uptrend
Powell did not scare crypto
Powell did not scare crypto
Bitcoin completes consolidation in a triangle
Bitcoin completes consolidation in a triangle
Bitcoin Is Still Gold. Although Digital One
Bitcoin Is Still Gold. Although Digital One
The bogged-down crypto market
The bogged-down crypto market

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 61.2% 80 $16 815.91 2.46% 2.22% $323 213 771 261 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 64.8% 79 $1 262.81 4.49% 8.80% $154 535 308 538 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.999941 0.02% 0.09% $65 358 819 507 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66.4% 67 $298.40 -0.55% 0.49% $47 735 233 591 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $0.999977 -0.02% -0.02% $43 305 374 728 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000510 0.01% 0.08% $22 176 670 935 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 68.8% 66 $0.402021 2.91% 7.66% $20 217 649 686 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 58.4% 85 $0.104544 2.73% 30.58% $13 869 988 356 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 59.6% 81 $0.313452 1.39% 0.62% $10 795 931 462 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 63.6% 72 $0.866314 4.01% 2.62% $7 566 657 745 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 69.6% 67 $5.37 2.22% 0.69% $6 126 105 270 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 90.8% 1 $0.999600 0% 0.02% $5 652 893 809 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 62% 74 $77.93 2.83% -0.18% $5 589 341 445 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68.8% 66 $0.053825 0.77% 5.80% $5 472 681 192 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.