A few bitcoin ideas with open ended chart.
I'll start off with the observation that 2021 is not a repeat of 2017, which was demonstrated the last Friday in January, just over a week ago.
My previous bearish analysis had to be significantly re-evaluated at that point.
A repetition of 2017 would have expected a significant drop on that day and instead we saw a $6k spike upward from $32k.
In 2017, the top of $20k at mid-December was the start of a 7+ week drop of 70%. We broke that trend demonstrably in the last days of January 2021.
This is a new dynamic of price discovery in uncharted territory; bitcoin will repeat a pattern until it doesn't.
Here's how the accumulation phase is impacted by competition:
Whale A, B and C wants to buy back at $20k.
Whale D, E and F seek to buy back at $25k.
Whale G, H and I plans to buy back at $30k.
Whale J, K and L are hungry to buy back at $33k+.
How the accumulation competition turns out, that's for the coming hours, days and weeks to decide.
Visa's new crypto project with Anchorage and the fact that users had withdrawn record sums of bitcoin from exchanges Monday February 1st may have some impact as well.
I'll start off with the observation that 2021 is not a repeat of 2017, which was demonstrated the last Friday in January, just over a week ago.
My previous bearish analysis had to be significantly re-evaluated at that point.
A repetition of 2017 would have expected a significant drop on that day and instead we saw a $6k spike upward from $32k.
In 2017, the top of $20k at mid-December was the start of a 7+ week drop of 70%. We broke that trend demonstrably in the last days of January 2021.
This is a new dynamic of price discovery in uncharted territory; bitcoin will repeat a pattern until it doesn't.
Here's how the accumulation phase is impacted by competition:
Whale A, B and C wants to buy back at $20k.
Whale D, E and F seek to buy back at $25k.
Whale G, H and I plans to buy back at $30k.
Whale J, K and L are hungry to buy back at $33k+.
How the accumulation competition turns out, that's for the coming hours, days and weeks to decide.
Visa's new crypto project with Anchorage and the fact that users had withdrawn record sums of bitcoin from exchanges Monday February 1st may have some impact as well.