Bitcoin has been growing exponentially over the course of December, and now we’re into January, it’s carrying on that same trend.
However, Bitcoin rejected the $35,000 resistance level violently, plunging down to $28,130 at a point.
Bitcoin has managed to regain the $30,000 crown, but there’s little support around here, meaning Bitcoin is treading on thin ice.
Bitcoin is quickly running out of support, but how far will it fall?
Another Dip is Coming
Everyone raves about buying the dip, and if you’re in that crowd, you’re going to want to get your finger ready to pull the trigger.
The next confirmed support level is down at $29,260, meaning that we’ve still got a fair way to drop should the bulls not be able to keep the momentum going.
If that fails to hold due to mass selling, likely from new hands in the Bitcoin world following its meteoric rise, the next support is down at $27,000, which is confirmed by the MA100.
These are great buy zones for Bitcoin, presuming it falls down that far in the first place.
If you are looking to buy the dip, that’s the dip you should be looking out for, so set your orders, sit back and watch the Bitcoin flood into your account.
Many More ATHs in 2021
The year might only be 5 days old, but we’ve already seen Bitcoin break to a new all-time high (ATH).
And it won’t be the last one we see in 2021, even if Bitcoin does dip down to the $27,000 support level.
If this happens, it will provide a great chance for accumulation and more money to pile into the next move upwards.
This will then send Bitcoin smashing through the $35,000 resistance level and onwards to a new ATH.
Many are speculating on Bitcoin’s potential ATH for 2021, and it’s safe to say that $50,000 is on the cards for the first half of the year.
If the movement can continue, and the buying power coming in continues to overpower the bears, we could even see Bitcoin reach the lofty heights of $75,000 by the end of the year.
Still, it’s the short term that matters right now, and if you’re going to catch this Bitcoin train before it departs to $50,000, you need to act fast.
Set up your orders so that you don’t miss out in the case of sleep or some other activity.
As always, set up stop losses just in case the support levels fail to hold, as in a market like this, two failed support levels can quickly turn into 4 or more
The bullish market is far from over, and we’re just at the start of this huge cycle.
There’s plenty more action left in the tank before we see Bitcoin cool off and head back down to a lower level and enter a bearish cycle.
A Big Year Ahead
Hold onto your hats. 2021 is going to be a really big year for Bitcoin and a number of big altcoins.
As Bitcoin reaches the top, and if you’re still looking to make a little more cash from trading, you should definitely look at diversifying into several big-name alts.
But for now, enjoy the Bitcoin ride and let’s cross our fingers for a new ATH before the end of the month!
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