#Bitcoin: ATH has confirmed the bull case. Price target $24700

Thumbs Up if you agree.

Breaking the $20k All Time High so clearly is a psychological barrier that confirms, for the time being, Bitcoin's place in the market and as an appreciating store of value when money printing has deflated cash this year.

Bullish confidence is high knowing the value proposition has been confirmed eg buy some Bitcoin today... and against the naysayers and dips along the way it is likely the price will rise in the future. People can now say 'It always has' and Bitcoin's increasing scarcity via the constant halving is another key reason.

Bitcoin has found support at $22400 to 22700, while ping-ponging off the resistance from $23300 to $23700.

It is likely Bitcoin will slowly eat through this resistance and reach $24700. Potentially seeing a correction from $25,500. Momentum often takes it past the correction price such as $25000 before seeing a healthy short term reversal.

Comments welcome and enjoy the end of 2020!

Comment:

Within a few hours of posting, already broke through that resistance to move from $23008 to $24000 and holding. A solid move for those using leverage.

Comment:

Many voices here calling to short BTC at the moment as it holds at resistance turned support at 23,300 to 23,400. I wouldn't be too hasty on that. Confidence from breaking the All Time High is still strong. We will see.

Comment:

As suggested an hour ago, the support at 23,300 to 23,400 held and we are seeing consolidation around 23,700 potentially for our next leg upwards.

Comment:

I've taken a partial profit at $24,000 and moving SL up. Order books have thinned support so if we don't push through resistance above $24k a healthy correction could follow creating buying opportunities below.

Comment:

While I bought the $20k breakout, my charted trade above was from $23,000 to $24,000, selling there.
BTC then retraced but held at the $22,500. After it started to push back through the 23,000 resistance I have bought back in and it is looking bullish once again.
Target back at $24,700 and potentially higher.

Comment:

BTC just hit $24680 just under target where I've taken partial profit. It may retrace to 24000 and we'll reassess. BTC has the potential to go higher and has consolidated well above 22400.

Comment:

BTC is forming support above 24200-24400 potentially building to go much higher.
I've bought back in below 24400 and will monitor, while also setting lower buy ins just above 24000 and 24200.

Comment:

The lower buys at 24000 and 24200 filled nicely and partially sold at 24700 again, however holding half my position as we may climb to the 25k to 27k range next.
Be aware, traders returning after xmas may see a slight sell off to retest 23k to 24k.