Good morning again ladies and gentlemen and welcome back to my daily look into the charts of Bitcoin. Its Christmas and I guess we all got the gift of a new ATH today. Nicely done bulls! Nearly kissing 25k is something to be proud of and we should all pat ourselves on the back for putting up with the last 3 years. As we sit in uncharted territory can we break 25k and keep the momentum up through the end of the year? Lets take a look at the charts.
As we cruise along above 24k I am encouraged. We have not spent a lot of time above the 15k level. At least not until now. Back in 2017 we spent literally hours at the ATH (19800) before seeing the bottom fall out less than a few weeks later. The bottom can still fall out folks. You need to be prepared for the worst while hoping for the best. With that in mind lets discuss support at this level.
Okay the previous ATH a few days back was around 24350 or something close to that. Now we are above that at 24400. Which to me looks like former resistance is now support. We got rejected at the 24350 level, beat the resistance and now its support. The farther up the chart we climb the less likely the bears will take us down. At least below 20k. Its totally possible to see us drop and I expect a drop. But only time will tell how that will materialize.
The bulls gave us all a good Xmas present and we should all be thankful. We are sitting on a new ATH and things still look surprisingly good on the major time frames. We are above the 50 MA and the 200 MA and the ichimoku cloud as well. All bullish! But I have that stop loss set just in case! You should set a stop loss as well. As much as I want to keep seeing the bulls tear up the chart I have that feeling the bears are waiting for the perfect time to strike. But its Xmas so enjoy your day and your new ATH folks! I didnt write as much as I usually do today. I have family over and we are doing the Xmas thang. I just sneaked away to type this up real fast. Someone posted we broke 25k this a.m. so I jumped on as soon as I could lol. We didnt quite break 25k on Binance but I still like what I see. Have a great Xmas everyone and make good choices my friends! And always remember... WTFDIK???
TLDR: I dont care what your mama says... Xmas time is here..... I dont care what your daddy says.. Xmas is full of cheer!!!
As we cruise along above 24k I am encouraged. We have not spent a lot of time above the 15k level. At least not until now. Back in 2017 we spent literally hours at the ATH (19800) before seeing the bottom fall out less than a few weeks later. The bottom can still fall out folks. You need to be prepared for the worst while hoping for the best. With that in mind lets discuss support at this level.
Okay the previous ATH a few days back was around 24350 or something close to that. Now we are above that at 24400. Which to me looks like former resistance is now support. We got rejected at the 24350 level, beat the resistance and now its support. The farther up the chart we climb the less likely the bears will take us down. At least below 20k. Its totally possible to see us drop and I expect a drop. But only time will tell how that will materialize.
The bulls gave us all a good Xmas present and we should all be thankful. We are sitting on a new ATH and things still look surprisingly good on the major time frames. We are above the 50 MA and the 200 MA and the ichimoku cloud as well. All bullish! But I have that stop loss set just in case! You should set a stop loss as well. As much as I want to keep seeing the bulls tear up the chart I have that feeling the bears are waiting for the perfect time to strike. But its Xmas so enjoy your day and your new ATH folks! I didnt write as much as I usually do today. I have family over and we are doing the Xmas thang. I just sneaked away to type this up real fast. Someone posted we broke 25k this a.m. so I jumped on as soon as I could lol. We didnt quite break 25k on Binance but I still like what I see. Have a great Xmas everyone and make good choices my friends! And always remember... WTFDIK???
TLDR: I dont care what your mama says... Xmas time is here..... I dont care what your daddy says.. Xmas is full of cheer!!!