What's In Store For Bitcoin In 2021?
Candy Matheson | Dec 21, 2020 04:35AM ET
It seems Bitcoin (BTC/USD) is fond of parabolic spikes...spike #2 is well underway from the March low, as price is approaching the first external Fibonacci level (1.382%) at 26259.60 (upside target and first major resistance level), as shown on the following monthly chart.
The Balance of Power still rests with buyers, but December's level is currently below that of November's, in spite of a 4,413 higher price.
Keep an eye on the BOP level at the December close. If it remains below that of November's close, we could see a retracement early in 2021...potentially down to around 20,000, or lower, particularly if price hits 1.382% by year end.
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