BITCOIN IS EXHAUSTED or is it?
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As we move into 2021, we watch as news outs from Cramer to NELK boys push the conversation toward Bitcoin and other notorious coins as Bitcoin sets new ATHs. Everyone seems to be scrambling for a "price target" from such sources but no one seems to be able to put a finger on it. Bitcoin set a new all-time high at $34778.11, before showing faint signs of clear exhaustion. Bitcoin could very well be forming another wedge forming as we saw in Nov/Dec before it broke, but we MUST consider a key level on the technical side of things (which seems like one of the only sane indications). (
BTC
TOTAL2
ETH
)
(1)Bitcoins runs could've been anticipated, starting with the break of the clear break of resistance toward the end of July. This first break wouldn't indicate a direct buy as we'd look for that retest as support before confirming a change in trend (regardless of timeframe).
(2)Bitcoin was confirmed bullish on the retest of the previous resistance, which confirmed it as support moving forward. Bitcoin was confirmed bullish at the start of October which left us with a few targets in mind... $24,970, $19,798, and beyond with the breakout of $20k.
(3)Once Bitcoin made the break of $13,970 it engaged in a series of ladders before starting the parabolic jump the week of Dec 14th.
(4)Bitcoin is exhausted... Or is it? Putting a finger on Bitcoin during a move like this is extremely difficult. With that said, I believe I've found a trendline that seems to be quite accurate as of now. As we tested and set an all-time high of $34778.11, we also come very very close to smacking right of (4). Bitcoin is extremely volatile and has a few options at this level. Either we'll see Bitcoin push, break, and continue past $35k or we'll see a nice cool-off. I believe Bitcoin will perform a cool-off up until late Summer/early winter, which will lead to a small bounce as it will set another range to be traded at over the next years.
Google Trends:
(trends.google.c.../trends/explore?q=/m/05p0r...)
Talk about Bitcoin didn't really start "trending" until October, we can confirm this on Google Trends. The change in the trend of Google searches is clearly reflected on the chart. This doesn't say much but it gives you a better image of how the news/hype travels.
DCJ
-
As we move into 2021, we watch as news outs from Cramer to NELK boys push the conversation toward Bitcoin and other notorious coins as Bitcoin sets new ATHs. Everyone seems to be scrambling for a "price target" from such sources but no one seems to be able to put a finger on it. Bitcoin set a new all-time high at $34778.11, before showing faint signs of clear exhaustion. Bitcoin could very well be forming another wedge forming as we saw in Nov/Dec before it broke, but we MUST consider a key level on the technical side of things (which seems like one of the only sane indications). (
BTC
TOTAL2
ETH
) (1)Bitcoins runs could've been anticipated, starting with the break of the clear break of resistance toward the end of July. This first break wouldn't indicate a direct buy as we'd look for that retest as support before confirming a change in trend (regardless of timeframe).
(2)Bitcoin was confirmed bullish on the retest of the previous resistance, which confirmed it as support moving forward. Bitcoin was confirmed bullish at the start of October which left us with a few targets in mind... $24,970, $19,798, and beyond with the breakout of $20k.
(3)Once Bitcoin made the break of $13,970 it engaged in a series of ladders before starting the parabolic jump the week of Dec 14th.
(4)Bitcoin is exhausted... Or is it? Putting a finger on Bitcoin during a move like this is extremely difficult. With that said, I believe I've found a trendline that seems to be quite accurate as of now. As we tested and set an all-time high of $34778.11, we also come very very close to smacking right of (4). Bitcoin is extremely volatile and has a few options at this level. Either we'll see Bitcoin push, break, and continue past $35k or we'll see a nice cool-off. I believe Bitcoin will perform a cool-off up until late Summer/early winter, which will lead to a small bounce as it will set another range to be traded at over the next years.
Google Trends:
(trends.google.c.../trends/explore?q=/m/05p0r...)
Talk about Bitcoin didn't really start "trending" until October, we can confirm this on Google Trends. The change in the trend of Google searches is clearly reflected on the chart. This doesn't say much but it gives you a better image of how the news/hype travels.
DCJ
