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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Bitcoin Price Rallies Above $28,300 – Is This The Peak?

Currencies / Bitcoin Dec 30, 2020 - 03:18 PM GMT

By: Chris_Vermeulen

Currencies

We hope you enjoyed the brief holiday break… it seems Bitcoin has been busy while the markets have been resting! Bitcoin enthusiasts are adamant that the price rally has just started a parabolic move higher.  From a technical standpoint, this current rally certainly appears to have gone parabolic.  As any trader already understands, what goes up may eventually come crashing downward.

My research team and I believe failure at the current highs would represent a clear technical divergence pattern between price and the RSI indicator. Additionally, the current rally that started on December 20 consists of a $10,850 rally phase.  The previous rally that took place from October 20 to December 2 consisted of a $9,200 rally phase.  We believe this current rally phase from December 11 could be a Wave 5 rally (almost equal to the Wave 3 rally range).  If our researchers are correct, this final rally phase could come crashing downward after reaching these peak levels above $28,000.


This 4 Hour Bitcoin chart highlights the incredible price rally that has taken place over the past 16+ days – a rally of over $10,000.  It also highlights two very clear price rally phases – creating an A-B-C price wave pattern.

This Daily Bitcoin chart highlights the two, almost identical in size, that we believe has created a price peak above $28,000.  It also highlights the technical divergence between price and the RSI indicator in the lower pane.

Be sure to sign up for our free market trend analysis and signals now so you don’t miss our next special report!

We believe this current peak may become a near term top in Bitcoin – possibly resulting in a downward price decline.  Critical support near $18~$20k is still very valid.  If Bitcoin prices collapse from these peaks, we believe the $18k to $20k level will become the next level for price to find support.

Overall, this incredible rally in Bitcoin prices before the end of 2020 has certainly proved the Bitcoin skeptics wrong and set the enthusiasts on fire.  At this point, we get to see what happens in early 2021 and if this $28k level will hold up.  One thing is certain, the past 30+ days have shown a massive rally potential in Bitcoin and other Cryptos – is this an excess phase peak or the start of a massive uptrend in 2021?

Our proprietary BAN (Best Asset Now) strategy allows us to know which assets are potentially the best performers in any type of market trend.  If you want to learn more about how we can help you with our proprietary tools and strategy then go to www.TheTechnicalTraders.com to learn more. Sign up today to get my daily pre-market analysis of the markets that walks you through the technical indicators of Bitcoin and the major asset classes.

Chris Vermeulen
www.TheTechnicalTraders.com

Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic

Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.

His mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility.

He is a regular speaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chris was also featured on the cover of AmalgaTrader Magazine, and contributes articles to several leading financial hubs like MarketOracle.co.uk

Disclaimer: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Technical Traders Ltd., its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including this report, especially if the investment involves a small, thinly-traded company that isn’t well known. Technical Traders Ltd. and the author of this report has been paid by Cardiff Energy Corp. In addition, the author owns shares of Cardiff Energy Corp. and would also benefit from volume and price appreciation of its stock. The information provided here within should not be construed as a financial analysis but rather as an advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Technical Traders Ltd. and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect.

Chris Vermeulen Archive

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