expect intermediate resistance at $15.5k before further upside
bitcoin is currently making an intermediate upside move with catalysts including increasing mainstream adoption -- micro strategy and especially paypal in recent news
the biggest catalyst, though, is election-related chaos and civil unrest as major impediments to the real economy, substantially increasing probability for fiscal stimulus before year-end and therefore further large-scale fiat currency devaluation. this sentiment is manifesting as stocks and gold strongly going up together, with bonds flat, and DXY moving to the bottom of a sideways trading range that has been in place since late july 2020.
i expect this intermediate move to hit resistance at the $15.5k level and then retracing for several weeks. note the fib retracement levels.
major supports:
20 Week MA and 24% Fib retrace level = $11k (buying opportunity of a lifetime)
50 Week MA = $9.5k (generational buying opportunity)
also keeping an eye on a very strong 2-year trendline for the 14-week RSI.
not investment advice.
the biggest catalyst, though, is election-related chaos and civil unrest as major impediments to the real economy, substantially increasing probability for fiscal stimulus before year-end and therefore further large-scale fiat currency devaluation. this sentiment is manifesting as stocks and gold strongly going up together, with bonds flat, and DXY moving to the bottom of a sideways trading range that has been in place since late july 2020.
i expect this intermediate move to hit resistance at the $15.5k level and then retracing for several weeks. note the fib retracement levels.
major supports:
20 Week MA and 24% Fib retrace level = $11k (buying opportunity of a lifetime)
50 Week MA = $9.5k (generational buying opportunity)
also keeping an eye on a very strong 2-year trendline for the 14-week RSI.
not investment advice.