Bitcoin longterm analysis 11/13/2020
Good morning 16k! Whats up everyone? Its been a pretty exciting 12 hours. We have established new support and at the same time reached a new nearly 3 year high. This is truly no mans land. We barely spent anytime at this level back in the 2017 - 2018 pump of the decade. But where are we going to go from here? That seems to be the question. I pulled up the weekly today simply to give a more zoomed out look. It is actually quite helpful to see the chart zoomed out. It can give you perspective. Anyways lets take a look at the chart this a.m.
The first thing I want to bring up is the pump we have all been enjoying the last few weeks. Wow. One look at the weekly and its easy to see why the entire community is talking about Lambos and quitting their jobs at the local McDonalds. We eclipsed 16k yesterday evening and I am proud of the bulls for breaking the resistance. 16k rejected us 2 times before we succeeded in breaking the resistance which tells me the bulls are pushing for a new ATH. I cant guarantee we get there. But its nice to see us break this resistance and put it below us as support.
I had one wish yesterday. I wanted to wake up to 16k + BTC and I guess a genie granted me my wish. But sitting up here above the clouds I wonder what is coming next? Is a retrace in the cards? Here is my advice to you. Set a stop loss and let the chips fall where they may. You lock in profit as you walk your stop loss up with the pumps. If it does drop your stop loss triggers and your out. End of story. Dont walk the stop loss down. You are asking to lose profits with that strategy. Remember its like baseball folks. You will get another chance. Even if you strike out this time you can hit a home run in a few innings.
I want to discuss a few things I threw on this chart. I still have the 2.5 year descending trend line that started in 2017 at the ATH (20k) and ended this year when we finally beat the resistance which is now support. When we broke the resistance I knew that was a good sign. Ever since we broke it we went from 10k all the way to where we sit now... 16k. I dont think breaking the resistance is the only reason for the pump. If you look October of 2019 - July of 2020 I see a rough inverted H&S. The reason I say this is the results are certainly evidence that other traders likely saw what I see. Perhaps this is part of the reason for the push above 16k?
I also wanted to bring up a couple of more things. RSI reached 90 on the chart at the bottom back in 2017 when we broke into 20k. The reason Im telling you this is current weekly RSI is around 80. If we see a retrace at 90 like we did in 2017 - 2018 we could very well reach 20k levels before retreating. Or maybe 20k becomes support and we surprise the world? Also look around 10k. I drew a line there. It shows multiple times where we tested it between 2018 and 2020. We failed multiple times to break the resistance and when we did (on July 27 2020) we also broke the descending trend line. This was like the perfect storm and can be blamed for at least some of the pump action we have seen recently.
I get excited when I zoom out. I know I threw a lot at you guys and gals this a.m. but I am bullish as can be. I have people asking me if now is the time to buy BTC? I say no. Absolutely not. You should have bought in March when we dipped to 3800. But IF you are intent on buying play it safe. Set a stop loss. Its that simple. If you buy and the chart dumps after I dont want you blaming me lol. Just play it safe no matter what you do. In the mean time 20k is just a stones throw away! Full steam ahead!!! I hope you all have a wonderful Friday! Make good choices! WTFDIK???
TLDR: When in doubt Zoom out
The first thing I want to bring up is the pump we have all been enjoying the last few weeks. Wow. One look at the weekly and its easy to see why the entire community is talking about Lambos and quitting their jobs at the local McDonalds. We eclipsed 16k yesterday evening and I am proud of the bulls for breaking the resistance. 16k rejected us 2 times before we succeeded in breaking the resistance which tells me the bulls are pushing for a new ATH. I cant guarantee we get there. But its nice to see us break this resistance and put it below us as support.
I had one wish yesterday. I wanted to wake up to 16k + BTC and I guess a genie granted me my wish. But sitting up here above the clouds I wonder what is coming next? Is a retrace in the cards? Here is my advice to you. Set a stop loss and let the chips fall where they may. You lock in profit as you walk your stop loss up with the pumps. If it does drop your stop loss triggers and your out. End of story. Dont walk the stop loss down. You are asking to lose profits with that strategy. Remember its like baseball folks. You will get another chance. Even if you strike out this time you can hit a home run in a few innings.
I want to discuss a few things I threw on this chart. I still have the 2.5 year descending trend line that started in 2017 at the ATH (20k) and ended this year when we finally beat the resistance which is now support. When we broke the resistance I knew that was a good sign. Ever since we broke it we went from 10k all the way to where we sit now... 16k. I dont think breaking the resistance is the only reason for the pump. If you look October of 2019 - July of 2020 I see a rough inverted H&S. The reason I say this is the results are certainly evidence that other traders likely saw what I see. Perhaps this is part of the reason for the push above 16k?
I also wanted to bring up a couple of more things. RSI reached 90 on the chart at the bottom back in 2017 when we broke into 20k. The reason Im telling you this is current weekly RSI is around 80. If we see a retrace at 90 like we did in 2017 - 2018 we could very well reach 20k levels before retreating. Or maybe 20k becomes support and we surprise the world? Also look around 10k. I drew a line there. It shows multiple times where we tested it between 2018 and 2020. We failed multiple times to break the resistance and when we did (on July 27 2020) we also broke the descending trend line. This was like the perfect storm and can be blamed for at least some of the pump action we have seen recently.
I get excited when I zoom out. I know I threw a lot at you guys and gals this a.m. but I am bullish as can be. I have people asking me if now is the time to buy BTC? I say no. Absolutely not. You should have bought in March when we dipped to 3800. But IF you are intent on buying play it safe. Set a stop loss. Its that simple. If you buy and the chart dumps after I dont want you blaming me lol. Just play it safe no matter what you do. In the mean time 20k is just a stones throw away! Full steam ahead!!! I hope you all have a wonderful Friday! Make good choices! WTFDIK???
TLDR: When in doubt Zoom out
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