Since beginning of November, we have seen awesome growth of most cryptocurrencies out there. Bitcoin itself gained 100% of its value only in November! These numbers show really awesome growth of interest in cryptocurrencies, but of course there must come a time for the profits taking - and this means red numbers.
But when does this correction come? Well, it is hard to say, but in last months, we have seen that BTC is the market leader. If it´s price grows, altcoins grow also. If it drops, they drop. So if we want to chech the most of the market, the BTC price chart is just enough.
You see a daily chart of Bitcoin and there is a lot of TA reasons why it should make a correction, but first of all - use logic. Nothing can go up 100% and not correct itself. So in next days, we really can look forward for cryptocurrency sales. Great, right?!
But the real question is how long will the correction last and what will happen next? We have also one fundament in game an it is the CME listing. Thanks to that, i think the correction will be very fast - five, maximum ten days.
The CME listing is supposed to be on 18.12., so we have to count, that a lot of investors will come to the trade few days earlier to be prepared for the breakout. Because of this the price should come up since cca 12.12.and on 18./19.12. should come the big breakout. If everything goes well with CME, January will be moon month for bitcoin and probably also altcoins.
But because anything can happen in this world, there can come up also some problems with BTC listing on CME.
- Technical problems
- Traders won´t trade it
- Something else
In this case, there is possible option 2 of bitcoin price in the picture - that it bounces from 10-11k back down and the proper downtrend will begin in year 2018.
Personally, I am more optimistic about btc price, because every day there are more companies, which accept bitcoin as a method of payment, so more people know it and trade it. But in Cryptocurrency world you have to be prepared for everything, so watch the price and news specially in mid of december carefully! :)