Overview: Made this chart early in the week. It's played out well enough to warrant sharing. Whatever the bright red trendline is, is saving bitcoin from a significant pullback. So far, so good.
Analysis: A 4hr close below the the red trendline would signal further retracement. While there are several weak support lines along the way, the descent to the mid-16k's remains relatively unimpeded.
Another trendline test indicates stubborn bulls are unwilling to let btc continue to slide. Bull price action is currently defensive. Bears are cautiously on the offensive. Getting back to the
mid-19's would probably be enough to propel us to the next ATH.
Beyond TA: The fundamental outlook for BTC could hardly be better. The only negative assisting the bears here is the Mt. Gox bitcoin allegedly getting ready to be sold, and the few who still believe we double-topped.
In my view, we could easily retest 16k, or even wick a bit lower before continuing up. That said, I also wouldn't be surprised if the weekly low is in and we go on to new highs from here. I think there's too much
tension for us to hang out here ranging for very long, but if there are big enough buyers and sellers, they could possibly hold the price in this range for quite some time.
Final Call: 25k (at least) by end of Q1 2021. First quarter 2021 looks great for btc. This call takes into account a potential retrace to the 15k area, but bullishness among the most well-heeled individuals and firms on earth make
it one of the easiest calls I've made. The blue sky breakout is no longer a matter of "if," but "when."
Be safe, good luck!
"Every day is a little life. Every waking and rising a little birth, every fresh morning a little youth, and every going to rest and sleep, a little death."
Analysis: A 4hr close below the the red trendline would signal further retracement. While there are several weak support lines along the way, the descent to the mid-16k's remains relatively unimpeded.
Another trendline test indicates stubborn bulls are unwilling to let btc continue to slide. Bull price action is currently defensive. Bears are cautiously on the offensive. Getting back to the
mid-19's would probably be enough to propel us to the next ATH.
Beyond TA: The fundamental outlook for BTC could hardly be better. The only negative assisting the bears here is the Mt. Gox bitcoin allegedly getting ready to be sold, and the few who still believe we double-topped.
In my view, we could easily retest 16k, or even wick a bit lower before continuing up. That said, I also wouldn't be surprised if the weekly low is in and we go on to new highs from here. I think there's too much
tension for us to hang out here ranging for very long, but if there are big enough buyers and sellers, they could possibly hold the price in this range for quite some time.
Final Call: 25k (at least) by end of Q1 2021. First quarter 2021 looks great for btc. This call takes into account a potential retrace to the 15k area, but bullishness among the most well-heeled individuals and firms on earth make
it one of the easiest calls I've made. The blue sky breakout is no longer a matter of "if," but "when."
Be safe, good luck!
"Every day is a little life. Every waking and rising a little birth, every fresh morning a little youth, and every going to rest and sleep, a little death."