ridethepig

ridethepig | BTC for the Yearly Close

Long
BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
📌 @ridethepig XBT Market Commentary 19.12.2020

So we have the following picture; the prince slowly approaching his city after slaying the dragon, rescuing the princess and conquering the treasure. All the ministers and advisers are wanting to meet for a hearty breakfast and consider the correct way to balance the rewards. This picture is intended to convey how slowly this is happening despite how fast and decisive it seems at the time.

Only the most important characters are present during the impulsive waves:



The next moves in BTC are going to get very interesting for trading, a fresh break is not simply to create more space but also via a liquidity trap. So you must take the following to heart; try everything you can to not marry the position for its own sake but also not deny that BTC has rightfully earned its place in the sun!

The answer will come from the yearly close. Holding the break up will not be simply something to play with. Here looking for $31,800; $42,600 and $53,400 as magical line targets above for 2021 before a pullback at some point into 2022 as governments become more aggressive. The main blind spots to the BTC thesis come from the political side, for now like hero from the fairy tale; head off happily.
Comment: $42,000 highs...
Comment:
Comment: A quick update here on the H4 chart for those tracking inner flows....

Comments

I duno, BTC trading like an overvalued stonk right now IMO. Everyone buying into it bc of the inflation boogie-man "just around the corner" or because they heard its a good idea. The appeal to BTC for me is tied up with a collapse in political systems, as a decentralized alternative to irreparably broken governments (i.e. US and EU). Now that could certainly happen, and happen quickly, but it needs to shake off its correlation with stonk markets which it still seems to be carrying. I see a dollar run into EOY hurting BTC, likely outright political chaos in US... from there BTC could definitely find its true shine, but seems a bit premature at this point.
+1 Reply
Still pretty accurate, seems like correction time to 20k
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I truly love your analysis’ - what’s the plural of analysis? lol
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agree with u: but (i) will be (12400) and (ii) will be (9880) later u can adjust
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Exceptional research! Make sure to follow (@)100TrillionUSD on Twitter. He has developed scientific and mathematical models that support your speculations too
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