BTC to ~$82,500 and a decision for Christmas
2024-11-07

We have taken the prior ascending support line we had lost before with a strong showing on the US election results. It hasnt confirmed the old support line as support again so until we see that, it could still pull back. Assuming it regains its prior ascension line, It looks like somewhere around Christmas time BTC will have to decide between bouncing off of the very long term substantiated resistance for a potential prolonged pullback or we could break free in a fireball going to the moon.  That line will be very important in differentiating which one it is.  

Global orderbooks also look healthy right now, growing all around and we see asks at 10% or higher have skyrocketed, that is bullish as it means most investors expect the prices to rise so they have set their limit orders to sell at a much higher price.

It seems like it would be a good idea to get out of day trade holdings by the time BTC hits that $82k/$82.5k point and then if it breaks out get back in.  There is the consideration of realized gains but that is expected with any trade. If we break that $82,500 it could be a parabolic run for crypto.  Statistically speaking, it is probably more likely to pull back at this point so it makes a good area for profit taking.


As always be vigilant and DYOR.

-s