Weekly over over 90?! And it’s not the first time? This is not a normal financial instruments. It’s a “purest breed”. With big whales coming into this finite resource on demand, I am having the time of my life riding the Bitcoin bull and trying to buy at the dips.
But being a trader, I need to look at possible scenarios. Here’s a bear case on a possible pullback to $23600 range by mid January 2021 with a $30,000 range by end of January 2021 to correct the overbought condition. But then again, there’s still four days left in 2020 and we might touch it this week. I would not short and would still accumulate on dips. Just missed one at $25.7K.
Those who don’t understand Bitcoin are still on the sidelines wondering why a “Buy Bitcoin” button isn’t in their stock/options/ trading platform.