Everyone is celebrating today as bitcoin finally broke its all time highs.
This is the highest bitcoin has traded in its roughly 12 year trading history, which means everyone who has purchased bitcoin is now up on their money.
From a technical perspective we are in blue skies territory or price discovery, depending on how you label things.
Due to the price never trading up here, there is no previous history to look at in regards to potential resistance zones.
Going forward the most likely resistance zones are psychological resistance zones.
Big round numbers like $30k for example may serve as a potential resistance zone but the strength of such a zone is likely to be weak until there is some trading history established above these levels.
Which means, your guess as to where we top out is as good as mine. :)
Some possibilities exist in this post here though:
@jrcornel/bitcoin-now-ready-to-push-through-usd20k
$20k is now likely to be the new floor in bitcoin.
There is a decent chance that bitcoin never trades below $20k again. Sounds weird I know, but it's possible.
Major resistance flips to support once it is broken.
As long as bitcoin holds above $20k over the next couple days and holds as support when it eventually gets retested, it's likely to be the new floor.
A few years from now people are going to be telling you that you were lucky to buy bitcoin under $20k.
However, you and I both know that luck had nothing to do with it.
You had nerves of steel and an unwavering conviction that put up with multiple bear markets and media bashing.
Any good thing we get from here, we deserve.
Stay informed my friends.
-Doc
