Another green day for Bitcoin as King Corn pulled back early before recovering toute de suite, bouncing cleanly off the $30K level and rallying almost to yesterday's high, closing Tuesday's daily candle around the $34K mark. This is another large bullish candle for Bitcoin as it continues to rocket through the stratosphere without looking down, and why should it?
(January 5, 2020 7:30PM EST)
Bitcoin continues its surge and looks to be starting another breakout higher as the foremost crypto ends the day close to the highs and yesterday's ATH, indicating BTC will likely continue higher after hours and into Asia and Europe who should be waking up. No sense in fighting this trend, we're simply in a "BTFD and HODL" timeframe now as Bitcoin heats up in the medium-long term. There will be pickups; any and every market and asset is vulnerable to them at some point, the difficult part to discern when they'll occur. It's during that time that we'll be looking to buy dips as my investment thesis points to significantly higher prices over the next few years. For now, we'll ride the wave and enjoy the climb as our years of research, analysis, and patience are rewarded.
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 $25K down to the $20K level, though I think the lower your limit orders the less your chance of them being hit are. This is a seller's market; dips are bought and rallies inspire FOMO buying. Dips will continue to be shallow. At this point, $30K would be value, though I think we may get another spike lower into the high $20,000s so place your GTC orders accordingly.
Resistance: Bitcoin's going higher - no sense in trying to fight this trend. 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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