Bitcoin’s full-fledged breakout this week – across price, time, technicals, fundurrmentals, and sentiment – has forever changed the crypto game. December 7th, 2017 will forever live in infamy as the Netscape Moment | Windows 95 Launch | lit AF arrival date of Digital Gold upon social mood’s collective psyche.
It will also mark the very first time that Wall Street, modern banking, and financial services realize that crypto is complete with… “evil intellect that literally defies you not to pay attention.” Historically, this past week will be marked for figurative acceptance of a future Minsky Moment for epic fail fiat currency, which will face an extinction event in the not-too-distant historically-looking-forward-future.
From: J. Aron & Co. @#GSAM
To: @CFTC
cc: @giancarloCFTC
Subject: #WTFICC
Re: yet being able to #PropTrade #Cryptos ala #Bitcoin #Byzantine http://pic.twitter.com/MOtksahfRG— Fibozachi (@Fibozachi) October 17, 2017
As fevered price action bore witness to a frenzied fusion of non-Beliebering bears, bankstahs, GeniusDaughtersDads, plumbers and – gulp – Jewish mothers … $BTC’s short-term technical profile has – gulpX2 – turned objectively bearish as price finally ended a seemingly never-ending streak of “Higher Lows” (HL).
One of the simplest, most effective ways to gauge the direction of trend for any market, is to compare each swing high/low to the previous >- noting if price is higher or lower than the swing high/low that preceded it.
When we apply this common-sensical, time-tested method to Bitcoin charts: it provides us with a quick, objective diagnosis of whether the trend is bullish or bearish.
The following charts illustrate just how parabolic $BTC’s epic rally has become … where each timeframe provides yet broader perspective for the rally .. helping market technicians determine the status of, the:
- Short-term trend (1-30 minute chart)
- Intermediate-term trend (60-240 minute chart)
- Long-term trend (480 to daily chart)
$BRTI 30-Minute
$BRTI 240-Minute
$BRTI 480-Minute
$BRTI Daily
Where Does Bitcoin Go Next?
As $BTC price action appears prepared to take a short short-circuited nap – in anticipation of yet another bout of disruptive chaos, once CBOE Bitcoin futures begin trading on 12/10/17 – (for the first time in a long time) we actually have several clear-cut levels of both support and resistance that can be technically relied upon.
Yes. Bitcoin is a currency. And a commodity. And a security. And a collectible. And property. And art. And an asset.
Bitcoin is also investible and investable. Stocks are stocks, bro. http://pic.twitter.com/UDHVdsrjfP— Fibozachi (@Fibozachi) November 29, 2017
The 5-minute chart below shows exactly where $BTC price action will morph into a bull-vs-bear tug-o-war … where the ferocity of new monies from fresh new entrants into the space will be met squarely by the small-scale prudent sales of long-term HODLers, who wisely accept a small trim of their hoarded Digital Gold hoards, and immediately re-deploy those atomic swapped USDollars into @SatoshiLite’s $LTC and @VitalikButerin’s $ETH.
Technically Speaking | opinion aside: three levels of round numbered support span 14,000, 14,500, and 15,000 … and three levels of token resistance surround 16,100, 16,500, and 17,200.
Which direction $BTC heads from here is difficult to definitively forecast from a purely technical perspective.
#Why?
Because with a short-term technical profile that is objectively bearish … and an intermediate and long-term outlook that is overwhelmingly bullish .. combined with sentiment that is literally off the charts, this is not juncture for technical posturing or prognostication but rather a perfect position for pruning positions, diversifying one’s spec bets, and allowing Mr Mkt’s price action to speak for itself as per where the next primary wave will be headed.
$BRTI 5-Minute
For those who weren’t around to cut their teeth trading Sunday night futures way back in September 2008 … welcome to the big leagues!
Have fun on Sunday, folks!
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