Hambooger

Impending Glory or Doom (Dec 30th 2020 through Jan 23rd 2021)

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin /USD rates (December 30th 2020 through January 23rd 2021)

Low: $25,527 - $27,776
High: $34,871 - $37,303

We could seriously be playing with fire here. I keep having to adjust my targets as it does not seem like 25-28k was our final top for the year. The market gets greedier and greedier and I'm seeing less and less people want to take a bearish stance, which is not a good sign to me. But I have been wrong about plenty this year, however the likelyhood of bitcoin doing anywhere from 31-41k seems to go up the closer we get to the new year.

Anyways, regarding the next few weeks, if we haven't seen our final top yet, I think we could be in for a far greater ride. I'm bullish for bitcoin but only cautious, not actively trading it. It feels like we are getting closer and closer to a release of selling pressure that will decimate the crypto markets at the very least. Things aren't looking amazing for the stock and futures markets either. Things may appear to be great right now as we are taking advantage of this amazing bull run but we are due for a major correction and crash in my mind still. We don't have much time in my opinion, and the crash will happen when most believe it can't or won't. Just seems like a very volatile time right now.

I'm still learning how to really read charts so I'm taking this bullish time frame to study certain aspects of the market closer. One interesting metric I've found is the Tether market cap in correlation with bitcoin price action. I've attached a lot of my bitcoin forecasting journey this year in the related ideas. Not all of it will be correct in the end but I'm finding good use in documenting my thought processes behind my conclusions.

Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!