ridethepig | BTC Market Commentary 2019.12.18
There is a serious build up of FOMO in BTC that we will see act as a catalyst for these moves and give us the extension in the short-term, as USD devaluation moderates after 1H20 the halving will dictate position-squaring and a change in the BTC landscape. For those in BTCUSD a breach of 6380 support would invalidate the entire bias that has been constructed for the best part of three months and would bring in a test of 2300. Chatter of large buys continue to circulate and ultimately I expect dips in BTCUSD and BTCEUR to be bought into on grounds of position adjustment/engagement.
To the topside breaching the resistance on good and catalysing momentum on the long term chart means we can comfortably lean on the buy side as long as 6380 holds:
Overall, I see the case for meaningful BTC strength in 2020, but especially if considered versus USD, rather than EUR or GBP - maintaining longs will require patience and tolerance. Difficult to trade, for sure, but I still feel the bigger BTC risk lies to the topside.
Good luck all those buying dips in BTC .