Oatrick

BTCUSD: Confluence of Support Suggests Higher Highs

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The chart and price action largely speak for themselves here, but there is an addition that can be appended here that is not visible in the chart; the community's sentiment and euphoria around bitcoin are down a lot. Nearly all cryptocurrency analysts are calling for a final pullback, I.E. "this is a sucker's rally", before a breakout of the weekly downtrend and many others are convinced along with them.

While I tend to post contrarian hypothesizes often, this social media bearishness only reinforces my bullishness. Bitcoin options, on LedgerX, executing on 12/31/2020 for a strike price of $15,000 are selling for a $2,500 premium. It is clear that the community has high hopes for Bitcoin year; I believe we currently in the disbelief stage and my charts seem to agree.

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