A nail-biting millennium moment...
The Opportunist
Tuesday, December 31, 2024
Tuesday, December 10, 2024
BITCOIN: Floating On Air
A simple observation on Bitcoin reveals that it's floating on air following its parabolic breakout above 70,000 during the week of November 4, as shown on the following weekly chart.
A break and hold below 90,000 could see a retest of major support at 70,000, or, at least, a pullback from its high of 103,990 to around 86,995 (50% of the difference between 103,990 & 70,000 = 16,995) where we may see it consolidate for awhile before, either, resuming its upward movement or losing steam to fall to 70,000, or lower.
The one certainty or constant characteristic of this 'wild-west-like' trading instrument is that it has always been dominated by wild and extreme, volatile swings in both directions.
I don't see that chaotic price action changing or moderating anytime soon...and is, thus, predictable.
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