Good morning 12K! And also good morning ladies and gentlemen and welcome to my daily look into the world of pump. I saw a few rumors that BTC had eclipsed 12k while I browsed Facebook before I went to bed last night. I decided to ignore the pump in favor of sleep but when I woke up this a.m. I was excited to see us around 12,200. That is a strong showing by the bulls. I had a feeling we might just break 12k this week. Now that we have broken the 12k resistance what is next on the agenda? Lets take a look at the charts this morning and see what we can see.
12k. Sure sounds like an accomplishment doesn't it? Well do not get too excited yet folks. I mean breaking 12k is awesome and you better believe I walked up my stop loss this a.m. to lock in profit. But I have seen 3 prior attempts to breach 12k. Late August to early September. All 3 times we failed to break above 12500 ultimately falling back to 9800. We have since recovered to 12200 where we sit at the moment. Still no higher high folks. Breaking 12500 would really cement the bull market in my opinion.
I know some of you are calling me crazy for saying we are in a bull market but I think that is more of an opinion than anything. I just feel like after dropping to 3800 In March, and climbing back to 12k before the end of the year is an accomplishment. A simple buy and hold til now would have netted you 4x. That is easy money. Just imagine all that money sitting in savings accounts accruing .08% interest lol. What a joke. If you just put some of that savings into an investment such as this it would have gone up 4x since March. Im not suggesting that you do not have a savings account. Saving is important. But so are opportunities.
I also have a bit of possible bearish news I should probably share with you all. Sorry to be the pile of dog turds in the corner of the room but I noticed a possible broadening wedge (ascending in nature) This is not bullish. The only saving grace at this time is the fact the bottom support of the wedge in question doesnt have a lot of confirmation touches therefore it is not as valid as say one with multiple touches. But if things work out like I think we may retest 11600 (.236 fib) very soon. Only time will tell for sure.
I would say if this chart was a weather forecast it would be partly cloudy. Bring an umbrella just in case (set a stop loss). You just cannot be too careful with the hard earned money you invest. If we can break above 12500 within the next day or 2 I would say it would invalidate the broadening wedge I mentioned earlier and may stoke a push to a new yearly high (13k+) The post halving pump is still loading in my opinion. Big corporations have been loading up on Bitcoin more and more. Things are starting to heat up if you ask me. Does that mean we are on a direct tear up to 100k? Nope. But it does mean things could get exciting before the years end. Especially if the election goes one way or another. A possible stimulus is in limbo also and that could stoke prices if approved. Im not holding my breath though. The US govt prints trillions while BTC does it the old fashioned way. Supply and demand. Lower supply = higher demand. The US dollar is a much higher supply which makes it have lesser demand and as a result it loses value. Which is more or less a hidden tax on you and me. Dont get me started on the FED! Have a good day and make good choices folks! WTFDIK?
TLDR: Broadening wedge possible. We may retest 11600 if that is the case. We did break above 12k over night which is encouraging.
12k. Sure sounds like an accomplishment doesn't it? Well do not get too excited yet folks. I mean breaking 12k is awesome and you better believe I walked up my stop loss this a.m. to lock in profit. But I have seen 3 prior attempts to breach 12k. Late August to early September. All 3 times we failed to break above 12500 ultimately falling back to 9800. We have since recovered to 12200 where we sit at the moment. Still no higher high folks. Breaking 12500 would really cement the bull market in my opinion.
I know some of you are calling me crazy for saying we are in a bull market but I think that is more of an opinion than anything. I just feel like after dropping to 3800 In March, and climbing back to 12k before the end of the year is an accomplishment. A simple buy and hold til now would have netted you 4x. That is easy money. Just imagine all that money sitting in savings accounts accruing .08% interest lol. What a joke. If you just put some of that savings into an investment such as this it would have gone up 4x since March. Im not suggesting that you do not have a savings account. Saving is important. But so are opportunities.
I also have a bit of possible bearish news I should probably share with you all. Sorry to be the pile of dog turds in the corner of the room but I noticed a possible broadening wedge (ascending in nature) This is not bullish. The only saving grace at this time is the fact the bottom support of the wedge in question doesnt have a lot of confirmation touches therefore it is not as valid as say one with multiple touches. But if things work out like I think we may retest 11600 (.236 fib) very soon. Only time will tell for sure.
I would say if this chart was a weather forecast it would be partly cloudy. Bring an umbrella just in case (set a stop loss). You just cannot be too careful with the hard earned money you invest. If we can break above 12500 within the next day or 2 I would say it would invalidate the broadening wedge I mentioned earlier and may stoke a push to a new yearly high (13k+) The post halving pump is still loading in my opinion. Big corporations have been loading up on Bitcoin more and more. Things are starting to heat up if you ask me. Does that mean we are on a direct tear up to 100k? Nope. But it does mean things could get exciting before the years end. Especially if the election goes one way or another. A possible stimulus is in limbo also and that could stoke prices if approved. Im not holding my breath though. The US govt prints trillions while BTC does it the old fashioned way. Supply and demand. Lower supply = higher demand. The US dollar is a much higher supply which makes it have lesser demand and as a result it loses value. Which is more or less a hidden tax on you and me. Dont get me started on the FED! Have a good day and make good choices folks! WTFDIK?
TLDR: Broadening wedge possible. We may retest 11600 if that is the case. We did break above 12k over night which is encouraging.