One of my favorite questions to the Bitcoin skeptics is: “Ok, but have we seen the all-time high in Bitcoin?”
Not one person, neither Bitcoin lover nor hater, has ever answered, ‘Yes, it will never trade higher than it did in 2017". Not one, ever, and I’ve asked this question a lot.
From my deep and thorough analysis, I have ascertained that Bitcoin haters don’t like money.
1. As it’s rapidly being devalued and they don’t seem to mind.
2. Even if you “can’t buy a beer with it”, why not just buy some and take the profit?
I will message them all as soon as we print a new ATH and ask…
Today feels like the night before Christmas (for all Santa’s good children).
WIth prices primed to move higher, it seems like a good time to figure out where it might stop. Given we are approaching clear skies, resistance levels are going to be hard to come by, so I have resulted to math, courtesy of some 13th century back of a parchment calculations by mathematician, Leonardo Fibonacci. (Fun fact, I named my son Archie Leonard, yes, I am that level trading geek).
From the March low of $4,644 to today’s high of $19,447, the upside target for Bitcoin is $29,100.
The only data I can find that may spoil the new ATH party is the level of Bitcoin’s hitting Coinbase accounts has spiked up during this rally. It’s not enough to stop this dead in its tracks, but it is worth keeping an eye on the behaviors of ‘hodlers’ as we approach the all important $20,000 level.
Another strong performance from Bitcoin has seen prices advance towards the all-time high, with just $445 all that stands between the 2017 ICO frenzy high, and today’s Covid-19, economic policy induced rally. Prices bounced from the $18,265 level and after a brief stop at resistance at $19,050, carried on to register a new yearly high at $19,447.
$19,891 is the next stop. It feels almost impossible that having come this close, Bitcoin would fail to print a new all-time high. Above here, we would expect to see some resistance at $20,000.
Should we fail to advance past $19,447 again today, we would expect the market to cool and return first to the $19,050 level, before potentially slipping back down to $18,265.
The Market in Numbers
Want more? Subscribe to receive the full report every day in your inbox→ http://tinyurl.com/y4rz8pff
Copyright © 2020 Diginex Ltd. All rights reserved.
I, Matt Blom, hereby certify that all of the views expressed in this communication accurately reflect my personal views, which have not been influenced by considerations of Diginex’s business or client relationships.
This communication is not a research report and has been prepared by sales and trading personnel at Diginex Limited and/or its subsidiaries (Diginex) as general information about market conditions and recent events. Any views expressed are those of the author(s), and may differ from Diginex’s views, or other individuals within Diginex. This information is not intended for anyone other than the direct recipient of the email and may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose.
Unless otherwise stated, the Diginex entities issuing this information is not authorized or licensed by any authorities. This material is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must return this material to Diginex immediately. It is the responsibility of any persons who requested to receive the information contained herein to observe all applicable laws and regulations of their relevant jurisdiction. By continuing to receive and read this material, you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to receive this information.
This material is based on a number of estimates and assumptions and is inherently subject to significant uncertainties and contingencies and will not be updated, amended, withdrawn or supplemented in light of any new events which makes information herein incomplete, superseded or out of date. Diginex makes no representation or warranty as to the accuracy or completeness of such information and shall not be held liable for any consequences (including without limitation, direct or indirect, special, incidental, consequential damages, losses or liabilities and any claims for loss of profit) arising out of any reliance thereupon. Where there is a reference to any third-party data, information or services, no warranty, responsibility or endorsement of such third party or its data is made. Diginex and its affiliates, officers, directors, and employees or members of their household, may invest or hold positions in any assets mentioned, or provide other services to other market participants of such assets, and any pricing information provided herein is indicative only and does not reflect a level where Diginex is prepared to execute a trade. Diginex employees or representatives may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this material. Our asset management area, principal trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this material.
This communication does not represent a recommendation, advice, offer or solicitation for the purchase or sale of any digital assets, or an official confirmation or official valuation of any transaction mentioned herein. Transactions in digital assets gives rise to substantial risks and may not be available to nor suitable for any particular recipient of this email, and this communication is intended for sophisticated investors who qualify as professional or accredited investors (or similar term) for the purposes of their regulatory regime. You should not rely on the opinion and information expressed herein and it is your responsibility to ascertain your own investment objectives, risk tolerance, seek independent professional advice and ensure that any appropriate tax or regulatory disclosures are made within any relevant jurisdiction that may apply to you. The price and value of digital assets referred to in this material are not backed by physical assets or guaranteed, they have no intrinsic value. Prices on the secondary market are driven by supply and demand and are short-term and volatile by nature. The volatility faced by investors may be further magnified where liquidity pools for virtual assets are small and fragmented. The value of digital asset may be derived from the continued willingness of market participants to exchange fiat currency for a digital asset, which means that the value of a particular digital asset may be completely and permanently lost should the market for that digital asset disappears. The volatility and unpredictability of the price of a digital asset relative to fiat currencies may result in significant losses over a short period of time. Cyber-attacks resulting in the hacking of digital asset trading platforms and thefts of digital assets are common. Victims may have difficulty recovering losses from hackers or trading platforms.
Any digital assets mentioned herein are not intended to fall within the meaning of “securities”, “futures contracts” or other regulated instruments under the laws of any jurisdiction. The author(s) of this material do not hold themselves as being licensed to carry on regulated activities in any jurisdiction.