I'm no chartist, but this looks like a clean breakout on the daily chart
Bitcoin had been consolidating for several weeks now after hitting $42k about a month ago.
The price dropped all the way to $29k and has been trading between those two numbers ever since.
However, that may about to change.
Looking at the daily chart and I see a full fledged breakout from a consolidation period.
What about you?
(Source: https://www.coindesk.com/first-mover-dorsey-bitcoin-doge)
While the news flow has been mostly good, there has been a few negative headlines out there as well.
From India trying to ban bitcoin and crypto again?! And now it looks like Nigeria is following suite by order their commercial banks to close crypto exchange accounts.
Not what I wanted to hear but it is what it is and the markets are shrugging it off at this point.
It is helping that Jack Dorsey has gone full bitcoin and is now running his own miner, posting a picture of it on his twitter today:
(Source: https://twitter.com/jack/status/1357588751757627393)
If Michael Saylor is my hero, Jack Dorsey is right behind, though I wasn't a fan of all that political censoring and banning garbage a few weeks back. When he's focused on bitcoin, he's my boy.
I don't expect bitcoin to make new highs for a few more weeks, but things look really good for it to keep pushing higher.
Another stimulus plan may do the trick, which is looking more and more likely by the day!
It was a clear breakout indeed!
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It's fun looking back on these charts and see how accurate they were.
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The measured move looks to take it to about $56k or so.
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Wow what a earning in seconds
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Well it's been a lot of seconds actually.
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I agree, the breakout is a reality and has happenned. What got my “brain hamster” going was your comment on a stimulus plan. I agree, it is almost inminent that it will happen, but I would also add that with services and products not being added, the inflation should go up, and big corpos could use the safe haven cryptos offer against inflation.
It would be good to see the velocity of money, because that could help put a more realistic time frame on when things could happen.
Btw, I personally think Dorsey should be one of many more “social influencers” that get on the crypto train, hopefully he will set an example and more follow
Cool and very informative post @jondoe thanks
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Good point. I think the velocity of money will pick up faster than many expect. By mid this year I think the economy is flying.
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