Bitcoin has a hidden bullish divergence on large time frames, pointing to much higher prices than 20K and a larger percentage return than the 2016-2017 bull market that marked new highs in momentum. Bitcoin above 100K seems very likely in the next two years.
Don't lose sight of this new bull trend by getting scared of volatility.
Where do you see it doing the first real pullback (from/to)?
bwy
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@janos666, Right where we are is the first resistance at $8400. Pullback from here could be low 6K to upper-mid 5K. Next looks like 10K, then $11,700. After that 20K. The pullbacks will probably land back in the lower previous resistance area.
janos666
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@bwy, Thanks. I have some "lucky numbers" marked. I was wondering if your personal guess is that ~8500 will give us that roughly 25-35% pullback or it will try to shoots straight for ~10k from here (which may or may not succeed but probably taps low-mid 9xxx numbers before giving up). I can't discount either just yet (so I would feel uncomfortable holding a leveraged position right now on either sides) but I guess it would be better overall if it didn't shoot too high too soon (and give the illusion of a violent denial / reignition of downtrend when it eventually comes down harshly) and that I think colors me with a little bias...
bwy
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@janos666, If you have a leveraged position that isn't something you want to carry through the volatility to 20K I would sell 8K. You're looking at a potential pullback to low 6K or lower just to maybe make 2K more. Doesn't seem like good risk reward from here. At the moment I think it looks like it wants to push through 8400, but it would be much better for the trend if we had a correction.