BTC double top @ 20k

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Miraculously, bitcoin averted decline @12k & started climbing back up. It appears to have regained the energy it enjoyed in the beginning of December. Everything looks to be quite bullish , while the indicators aren't overbought yet.

It's reasonable to expect 20k in the near future. What happens next will be interesting:

  • On the one hand, it remains possible for bitcoin to post new ATHs.
  • However, it's also possible that it'll fail the retest & return to the support of the mid-term trend (green line marked "irrational exuberance").

Assuming that media attention & accelerating market penetration since the announcement of futures in Nov justify this mid-term trend -> i.e. it'll develop into a new long-term trend from here on --- there's no fundamental change to justify a further acceleration. This means bitcoin is likely to form a small "double-top" at 20k and revisit the 14k area thereafter.

This is likely to be a more rational process, which means the support won't be broken. Afterwards, the bounce may also be slower and follow the trend line closely.

Of course, if some news breaks...

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Comment: it appears that the "double t" is quite droopy; the 20k target is missed by a mile
one more great TA, based on fundamental analysis ! just what I love to see. thanks again.
+2 Reply
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