Market update - The bullish news of the day 25th
As November draws to a close Bitcoin ($BTC) has broken above $57500 and found fair support at this level, with only 5 days left on the calendar. There are other exciting metrics to note, that a parabolic move to the upside may well be imminent. With Plan B's 98k project looking increasingly unlikely, but remaining possible so long as we see +10 to 20% daily candles, and therefore combined with the below, it remains entirely possible.
- Historically, the day after Thanksgiving has been great for BTC price action during bull markets seeing parabola action in bull markets.
- As previous all-time highs are broken, a large price pump has been encountered, so once we meet a $65,500 price, we could well seem another pump up to a new all-time high. For me, this seems more likely than a pullback of 20% at this stage.
- Bitcoin Whales have moved a near historical amount of their holdings on the exchanges as we can see by observing the Bitcoin Whale Ratio Index. This could be for several reasons, including that the whales are preparing to take profits. It could also mean that they are trying to manipulate the price to the downside to shake out leverage or force paper hands to sell. Use leverage cautions or even better, not at all!
- How will we get the volume to reach $98k BTC? Remember that markets are a graphical representation of human psychology, and I'm sure that once we hit new all-time highs and one parabolic price action sets in, this will be all we need for FOMO (Fear of Missing Out) to set in and carry us on up towards Plan B's target. I have not had a good reason to doubt stock-to-flow yet.
- Finally, JPMorgan Chase Bank, the largest bank in the USA has declared they have doubled down on their exposure to Bitcoin increasing its holding in Grayscale Bitcoin Trust to over $300,000,000, which is only known about since the Bank is a publicly-traded entity and they are required to disclose their positions in SEC filings. Quite the turn around considering they used to publicly bash Bitcoin and Crypto.
With all this in-store, the next 5 days should be very interesting indeed for Bitcoin and Alt-Coins as a whole.
- I am planning to take some profits on BTC at the $70k and $90k to play it safe, I have set some sell orders already for BTC should we see the parabolic movement.
- I am planning to take a little more profit on $SAND and essentially carry the rest of my bag for free.
- I am working on collating a Metaverse and Gaming Alt Coins article for you which I will release this following Monday. If that would be of interest to you, feel free to follow me right here on publish0x.
Happy Thanksgiving everybody!
None of the above is financial advice.
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