Bitcoin
BTC$26 346.66

0.59%

Ethereum
ETH$1 592.40

0.82%

Tether
USDT$0.999933

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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 94.8% 4 $26 346.66 0.59% -1.73% $513 656 016 235 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 89.6% 6 $1 592.40 0.82% -2.85% $191 454 189 109 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.999933 -0.01% -0.03% $83 202 317 322 USDT 7 days price change
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