Bitcoin Taking A Short Break?
Many would have argued that Bitcoin was never going to exceed the previous all-time high
set back in December 2017 just under $20,000 because nobody really expected it to even
get that high in the first place.
The fact is that price came near $20,000 but then experienced an 85% decline to a low of
$3122 a year later in December 2018, so the odds of climbing that high again looked even bleaker.
We always remind our members that price will do what it wants and we can never predict what
will happen next. We might get lucky a few times, but to predict consistently is impossible
because a lot of different factors drive price up and down.
$10,000 held price down for a number of years and acted as strong resistance until price was able
to finally clear that level and a previous resistance in October 2020.
From then on the momentum has been pretty much bullish as it continues to break records.
Currently, we are experiencing consolidation which was to be expected after such strong moves
but there is support below price in the form of the 50 simple moving average.
At the time of posting, price is starting to show strength once again and we want to see price push
its way above the $40,000 round number followed by the recent all-time high at $42,000.
We only have a small portion of our capital invested in cryptocurrencies due to this market
experiencing a lot of volatility, but these positions are doing well and did require a lot of patience
and may require some more if we have to go through more large swings in the future. As for now
we just have to hold on while the trends continue.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
set back in December 2017 just under $20,000 because nobody really expected it to even
get that high in the first place.
The fact is that price came near $20,000 but then experienced an 85% decline to a low of
$3122 a year later in December 2018, so the odds of climbing that high again looked even bleaker.
We always remind our members that price will do what it wants and we can never predict what
will happen next. We might get lucky a few times, but to predict consistently is impossible
because a lot of different factors drive price up and down.
$10,000 held price down for a number of years and acted as strong resistance until price was able
to finally clear that level and a previous resistance in October 2020.
From then on the momentum has been pretty much bullish as it continues to break records.
Currently, we are experiencing consolidation which was to be expected after such strong moves
but there is support below price in the form of the 50 simple moving average.
At the time of posting, price is starting to show strength once again and we want to see price push
its way above the $40,000 round number followed by the recent all-time high at $42,000.
We only have a small portion of our capital invested in cryptocurrencies due to this market
experiencing a lot of volatility, but these positions are doing well and did require a lot of patience
and may require some more if we have to go through more large swings in the future. As for now
we just have to hold on while the trends continue.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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