Bitcoin bulls plough through 30K, looking for 36700

24 days ago
1 Min Read
260 Words

What a night.

BTCUSD bulls smashed straight through the 30K handle / 161.8 extension early on in yesterday's US session, trading as high 33290 before falling back sharply in early Asia to 30600:


Stubborn as ever, the bulls pushed back and managed to finish the day 2800 points higher at 32180:


The break above the 161.8 extension opens up the path to the next higher time frame target above 36700 - this is the 200% extension - the point where the current break above 20K is of equal magnitude to the 2018 bear market.

The 4H hanging man topping candle on our first chart gives some cause for concern, as does the fact we're now pushing 11 consecutive days of strong closes.

Having said that, this thing could just keep ripping higher - retail FOMO is only just starting to take hold:

Google searches for Bitcoin - Google Trends


... and we have supply and demand dynamics that suggest this time could indeed be different - @jrcornel has written some great stuff on this which is well worth checking out.

To reiterate, I have no idea what will happen from here and anyone who pretends they do know what will happen is either inexperienced, full of shit, or both.

For what it's worth, our BeatingBitcoin trend following strategy remains long from 19K and bullish above 28K:


As I finish this post, we have just surged to a new all time high above 34000:


Good luck out there!

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