Good morning again ladies and gentlemen and welcome to the bull show. Bitcoin is still climbing full steam ahead and shows no sign of relenting. Many speak of opening shorts but with the recent climbs we have witnessed its just not easy to bet against the bulls right now. There is a lot going on with the charts this morning and we have much to discuss so grab a coffee and lets get this show on the road.
I see that we had a bearish doji last 4hr candle. It happened right after breaking 34750. So we were quite close to 35k. This could be a psychological resistance but we seemingly glided effortlessly through 30k that 35k could be a speed bump for all I know. We literally have hardly any data at these levels and fomo is certainly playing a factor in this pump. But perhaps there is another reason for it...
Stimulus money is being thrown about and people may be dumping that into an already saturated market in hopes of catching the pump. I am guessing there are likely quite a few people that decided buying BTC with their stimulus would make sense. Especially considering the fact that if you invested the original 1200 they handed out in May you would be up nearly 6X. I believe when the first stimulus was handed out BTC was around 6k and now its near 6x to that. So 1200 would be around 7k. Give or take of course. But perhaps the stimulus is what is extending this pump?
With all this upward momentum on everyones mind I am looking ahead to Monday. There will likely be another giant gap just like last week. These gaps are sure adding up. There is no guarantee they get filled. We have been regularly leaving gaps behind for weeks now. But this could come into play later on. Most gaps tend to fill so I keep an eye on them. This is an extraordinary time though so the gaps mechanics are being ignored mainly due to this incredible pump we have been witnessing. The bears just havent been able to stop it.
I am still long with a good stop loss set. No need to ignore logic even in a bull run. The bears could strike any minute. I wouldnt short anything at the moment but I would recommend trading with a stop loss. Just in case. I cant tell you when the bulls will relent. Maybe never lol. Maybe tomorrow? Time will tell. Things are a bit crazy outside the Bitcoin market with politics and other factors. Even some alts are suffering from SEC or whatever and people might be exiting their positions in that alt and enter into BTC. Especially the way Bitcoin has been going it would be hard to blame them. But people are asking me daily why this pump wont stop. They just want answers. It was the perfect storm this pump. We had a huge dip in March fueling the start of this bull run, we had the halving in May, Stimulus money in May, broke 2.5 year trend line in July, we broke 20k in Deccember. That is just part of it. Inflation of the USD played a factor as well IMO but that is harder for me to prove. People dont always agree with me but thats just how I look at it. Just enjoy the pump folks. I have a feeling we will see a correction soon enough but in the mean time enjoy this. We deserve every bit of this pump. Have a great day folks and always remember WTFDIK??
TLDR: Cmon 35K!
I see that we had a bearish doji last 4hr candle. It happened right after breaking 34750. So we were quite close to 35k. This could be a psychological resistance but we seemingly glided effortlessly through 30k that 35k could be a speed bump for all I know. We literally have hardly any data at these levels and fomo is certainly playing a factor in this pump. But perhaps there is another reason for it...
Stimulus money is being thrown about and people may be dumping that into an already saturated market in hopes of catching the pump. I am guessing there are likely quite a few people that decided buying BTC with their stimulus would make sense. Especially considering the fact that if you invested the original 1200 they handed out in May you would be up nearly 6X. I believe when the first stimulus was handed out BTC was around 6k and now its near 6x to that. So 1200 would be around 7k. Give or take of course. But perhaps the stimulus is what is extending this pump?
With all this upward momentum on everyones mind I am looking ahead to Monday. There will likely be another giant gap just like last week. These gaps are sure adding up. There is no guarantee they get filled. We have been regularly leaving gaps behind for weeks now. But this could come into play later on. Most gaps tend to fill so I keep an eye on them. This is an extraordinary time though so the gaps mechanics are being ignored mainly due to this incredible pump we have been witnessing. The bears just havent been able to stop it.
I am still long with a good stop loss set. No need to ignore logic even in a bull run. The bears could strike any minute. I wouldnt short anything at the moment but I would recommend trading with a stop loss. Just in case. I cant tell you when the bulls will relent. Maybe never lol. Maybe tomorrow? Time will tell. Things are a bit crazy outside the Bitcoin market with politics and other factors. Even some alts are suffering from SEC or whatever and people might be exiting their positions in that alt and enter into BTC. Especially the way Bitcoin has been going it would be hard to blame them. But people are asking me daily why this pump wont stop. They just want answers. It was the perfect storm this pump. We had a huge dip in March fueling the start of this bull run, we had the halving in May, Stimulus money in May, broke 2.5 year trend line in July, we broke 20k in Deccember. That is just part of it. Inflation of the USD played a factor as well IMO but that is harder for me to prove. People dont always agree with me but thats just how I look at it. Just enjoy the pump folks. I have a feeling we will see a correction soon enough but in the mean time enjoy this. We deserve every bit of this pump. Have a great day folks and always remember WTFDIK??
TLDR: Cmon 35K!