Bitcoin surged once again on Wednesday, cruising through the $28K level and reaching up to $29,000, closing near the highs around $28,750. Another day another bullish breakout leading to another new ATH. Sure, this is parabolic, but what isn't these days? Global economies are limping along and businesses are hurting all the while stock markets continue to hit higher highs by the day, so why not Bitcoin? This is a bullish engulfing candle indicating Bitcoin is exhibiting very bullish momentum as it approaches $30K for the first time. 
(December 30, 2020 7:30PM EST)
Bitcoin surged yet again and is now within a stone's throw to $30K. This is a large, round psychological figure and will almost certainly be resistive as short-term investors and maybe some hedge funds sell a bit to convert paper profits to real profits for end of year bonuses. Regardless, I think this is but a speed bump on the way higher as Bitcoin seems to be only more and more supported by the day which will propel prices higher. Scaramucci's new firm just announced they've already invested over $125 million in Bitcoin in just a few months, and if this year has shown us anything, it's that the snowball is only picking up steam from here.
Ultimately, I'd love to see a rejection at $30K and a nice pullback to $25K or closer to $20K, though that may be wishful thinking. We've all had 10+ years to accumulate at sub-$20K prices. Right now buyers are paying a premium for lower risk, which is natural market behavior, but also a reminder that you can't be afraid to buy during bear markets or when prices are lower just because sentiment is negative. Fundamentals and macroeconomics have and clearly continue to play important roles in investment markets and asset prices, and will continue to do so.
If BTC continues up, $30K is next followed by $35K and then up in $5K increments to $50K. If BTC pulls back, then I think a move to somewhere between $25K - $20K makes sense, though even $20K might be out of range at this point. I think the best strategy going forward is to buy on dips, dollar-cost average on a regular basis, and even earn Bitcoin if you can. You simply can't short or even sell this market when all it does is go up over time. Sure, there are short-term fluctuations, but long-term there's no sense in missing out on this ride. This is truly the trade of the decade: if you're not in Bitcoin, chances are you'll be getting much worse returns elsewhere.
Support: Look for support around the 23.6% Fibonacci retracement level around $25K, the 50% fib around $22,300, and ultimately the 61.8% between $20K - $21K. Bitcoin continues to make higher highs and with demand high and growing and supply small and ever shrinking, this is the perfect storm for higher prices. I don't forsee many scenarios where Bitcoin makes a substantial pullback at this point, but if it does, consider that a gift. Anyone who can buy around $20K or lower at this point is getting good value in the medium-long term here.
Resistance: My target is $30K and then will be watching for signs of BTC to be running out of steam. However, we may not see large corrections at this point, maybe only $5K or so. Bitcoin's going higher - no sense in trying to fight this trend. Above $30K, look for resistance again every $5K: $35K, 40K, 45K, and then $50K. After that, we'll probably move in $10K increments.
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