Bitcoin grinded up a bit on Thursday, initially falling before turning around to close near the highs, forming a bit of an exhausted-looking hammer. Bitcoin's parabolic, but the price action over the past few days hint at a topping formation falling into place, indicating a pullback is coming. 
Outlook: Bitcoin initially pulled back a bit on Thursday before bouncing, trading in a small range around the $18,000 level, ultimately closing slightly positive but not convincingly so. I think Bitcoin is starting to show signs of exhaustion and probably doesn't have much gas in the tank left to continue to run much longer. Sentiment and technicals in traditional markets are starting to lean negative, which I think will also bleed into crypto, and the timing couldn't be more perfect to coincide with a Bitcoin pullback. I'm looking for a pullback to buy into late this year, probably happening over the next few weeks, as liquidity is low, federal intervention has exhausted, federal stimulus talks have all but stopped, COVID is spiking all over the EU and US, Mnunchin just stated PPP loans to small businesses will not be extended, eliminating desperately-needed funding for many businesses to survive any longer before folding, and more all point to lower markets.
Support: Look for support around $14,000, or frankly even $13,000 would be value at this point. The lower Bitcoin goes, the higher the chance of a violent bounce. On a late Nov/early Dec selloff, which is looking more and more sharp for Bitcoin given this blowoff top, I’m looking to buy dips.
Resistance: $20,000 is my target here on this rally. This is Bitcoin’s all-time high and a large, round psychological level. Any retail minnows who got sucked into the December 2017 mania and bought the top will likely be looking to break even, though that selling pressure will be a fraction compared to the technical selling after a full multi-year retrace. I think $20,000 is a tough resistance level that’ll put up a fight possibly into Q1 2021, but will eventually fall as crypto in 2020-2021 is completely different and more evolved than speculation mania in 2017.
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