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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

December 7, 2020

This weekend’s trading session saw Bitcoin head back above $19,000, with muted trading volumes. Today, we have made little headway as the market takes a breath before its next advance to break the $20,000 barrier.

Many questions are going to be asked if Bitcoin fails at this late stage, to break into uncharted territory. Given the rally since October, and Bitcoin’s stickiness above $19,000, one would assume the final push is all but a matter of days.

So what is holding us back?

Somewhat unbelievably, it’s the hodlers! The chart above shows the average age of coins that are on the move. As you can see, the rally at the end of November was met with profit taking, instigated by those who have been hodling Bitcoin.

There are a few sound-bites you learn when you start trading: “you will never go poor taking a profit,” is one.

But the most important one is: “the trend is your friend.”

Bitcoin’s trend, not just in price, but in adoption, is clear and intact.

The third thing you’ll hear on a trading floor is: “I’ve made a terrible, terrible mistake.”

Okay, so I omitted the cursing, but you get the idea. Trading is all about timing, taking a profit is always a good idea, but so is letting a winner run.

So now we wait to see if the selling pressure, now absorbed, returns, or whether this is the week Bitcoin goes on its march to $20,000.

Bitcoins 2017 high was December 17th. #justsaying.

Technical Analysis

Bitcoin regained its composure over the weekend trading session. Prices have slowly built upon support areas and have begun to trend higher, albeit with limited movement.

The first test for the bulls today is $19,445, with a break up through $19,665 the likely catalyst that will see prices once again test the $20,000 level.

On the downside, a lack of follow through will see prices slide back to $19,050, with $18,265 the first big area the bears will look push prices toward. A break here will see further declines, with $17,890 the first stop before $17,130. 


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