New long-term chart / key area's for coming months

As we have already cleared previous trendline supports/resistances (except the multiyear support which is now still resistance) as outlined here:

I made a new chart with the keyareas for the coming months.
The blue dotted lines are (again) previous highs and lows, so they have to be watched. The thickness of the lines signifies importance by volume (I'm a freeloader, so i don't have "volume profile" so i've guestimated by looking at trade volume)

The orange rising 3 lines show that bitcoin already is accelerating (going parabolic) which is IMO far too early (but not impossible)
we are also near "Major Multiyear Support" (now resistance) and the yearlong 6k support discussed a bit here:

We haven't had any significant pullback since february, shorts are piling up but will probably end up squeezed out, fuelling another push up (already happening a bit) together with the usual FOMO as it is quite evident that the Bitfinex/Tether FUD couldn't dent the proverbial butter (dutch expression), so the only option is up.

I'm reasonably confident (i stocked up december 13 and 14) we've hit bottom december as predicted here:

and in detail reviewed here:

Nonetheless, tread carefully..

Comment:

was still editing a bit but was to slow .. 15 minutes are gone fast these days.. sigh)

was writing/editing:

If you went long december of february and in it for the long run, your good to go
but if you missed the boat and want to hop on now .. you might get a little wet..
So .. if it goes south on you, either do your "risk management" thingy or the "from my dead cold hands" move


Warren Buffett:
Rule No.1: Never lose money. (most people don't understand what he meant by that)
and
Buy, hold and don’t watch too closely
/Warren Buffet

Comment:

very nice, next target is 6500$

Comment:

went through 6500$ without a hickup
next target 7400$

Comment:

and there is 7400$, has met with some resistance for the moment but retracing to 6500 or 5800 .. wouldn't bet on it ..yet

Interesting to see that Bitfinex's implementation of LBTC has led to decline of the premium (arbitrage).. to a point even where Bitfinex is now lower than others .. and the volume, few days ago everybody in panic, 24h volume dropped to 30milion, now up to 284 again

Comment:

looks like some start to take profit here

dailyclose could become interesting

Comment:

doing an ABC correction at the moment, in a few hours asian markets start
they either stop the fall (byuing in again) -watch the prev low of 6858$
or they panic and send it down further

Comment:

well ... (opens window .. throws out all the paper charts ..)
resistances mean nothing any more ;)
Bakkt, Microsoft, Amazon .. all that stuff weighs heavier than the resistances have in the past
cutting through them like butter
Some resistances make it stop for an hour .. but less than a day ..

anyhow .. the multiyear support/resistance is also broken (on the sidenote that that kind of support-line is rather hard to draw correctly over that distance .. may deviate a lot after a while)

next resistance would be 8500 and i've missed a very small resistance at 9100 ..

Comment:

7400 tested, rejected, retest, accepted (green circle 1)
8450 tested, rejected (yellow circle 1), retest 7400 (green 2) and fast wick to 6500 (blue)
failed retest of 8450 (yellow 2) fell short
retesting 7400 (wick close but not touching)

now sitting there playing dead duck

Comment:

so the 9100 i initially overlooked did the trick
(of course .. it's always the little things, but not that surprising once you realize how the whole "price retesting" works, why it went through levels that have been tested extensively like a hot knife in butter .. )

Now on it's way to backtest 7400, if no hold 6500 and so on .. until support found and up again

Comment:

still valid ..

2 new areas should be added being 10800 and 12400

Comment:

7900 and 9200 added

also 10200 is becoming an area, getting quite crowded in that area, fierce battles, smaller movement, coiling up

Trade closed: target reached:

last update on this one