Bitcoin closing out 2016 on historic levels

Hey everyone,

Just wanted share some levels I’m watching as we slowly creep higher. The overall trend looks bullish and a leg up here could be getting close to last stop territory before things open up for a test on the all-time high. We’re not parabolic and extended into space from here either. There’s plenty of support with very little in comparable resistance in terms of long term technicals.

As we all know and love though, there’s a lot of noise in the overall trend. My crystal ball is still on order but these are some nice lines in the sand here to work with. As you cross that 100% it looks like no man’s land, days of carnage and blood in the streets – but not much there besides the all-time high. Price action alert on that range.

Could be some room for a pullback yet but there’s lots of support all the way down. We’re not showing signs of exhaustion to the upside by printing higher highs on lower volume . That’s a lack of supply way the hell and up here.

They’re buying the bitcoins again, folks! Happy holidays.

Here’s a more detailed chart:

Update 12/22/16

Santa Claus rally! Already broke that 100% fib. We going to ATH’s, folks. Book it. That ascending wedge breakout sure looks like another one I wrote about 6 months ago over here.

Excellent opportunities to get long in this rally. You can see the ascending wedge here, easily going to be a 20R breakout:

This post first appeared on TradingView.

 

Aurie Philipchuk

Managing Partner of Tractai. Blockchain enthusiast. Jack of all trades. Interested in building the new generation of great companies? Let's connect.

 

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