Daily Report – Bitcoin and Market Update (December 16 2020)
It was supposed to be a comprehensive middaily come-back report, but BTC disrupted all the prior-written text. It’s pumped through ATH and is trading above 20000$ right now! Price discovery. Only resistances are derived from round numbers psychology and Fibonacci extensions as following:
That should do for the next few days. Stop loss below middaily low 19687. Will trail up as the time goes by.
Guys, as said, this was supposed to be large, comprehensive market report but there’s not point to over complicate things here. We smashed through ATH exactly 3 years after 2017 peak. Beauty of cyclicality. All my long-term predictions from Las Vegas October 2019 are now realizing. All the 2020 market projections anticipating ATH when BTC was crashing at 4k, are all coming true right now. It’s insane. BUT Do not forget risk management. Do not let your emotions over drive your rationale here. DO NOT APPROACH longs unless you have stop losses in place. Current stops for btc: LTF traders: 19757 MTF traders: 19697 Trail up as the trend continues upwards. It’s still ATH zone so extreme volatility comes and big risks to follow hence. Remember, if btc left behind you, it’s just an asset out of tens of thousands of other assets that are under valued, e.g. LTC. Stay rationale and let’s smash the next resistances together!