Bitcoin Price Analysis: BTC Getting Ready for the Next Big Move
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Over the past three months, we have seen volatility in BTC drop to near all-time lows. We have seen the markets whipsaw back and forth, looking for direction.
I have outlined that BTC has begun to shift its channel to the upside, identified by the gold tren d ine in previous posts. We stopped following the green downward channel, and began seeing the gold line act as support multiple times over, and continue to do so.
Fundamentally, there are a lot of reasons for BTC creating a new base. Some of the large reasons are:
1. Bakkt futures are set to launch on December 12th. This is a big deal because they settle in physical Bitcoin and Bakkt is being created by ICE, the owner of the New York Stock Exchange.
2. SEC continues to consider giving the green light to Bitcoin ETFs, and met with VanEck, Cboe and SolidX about their proposal earlier this month.
3. News articles that lay out why and how Bitcoin and crypto are growing.
If you connect the dots on why BTC would start flooring out – with potential services like futures and ETFs – it makes sense that the price is creating a new floor off of this gold trend line.
We have broken this purple downward trend line, but follow-through has been limited. While limited, I am fairly confident that if we were going to BTC 4K, we would have done so already. This leads me to believe that as fundamentals start happening, we will slowly move up in a range for the next month or so, providing for plenty of opportunity for traders.
Trading wise, if you are looking for trades, buy up any dips from the $6,300 – $6,400 range and sell at the top of this channel at 7K. With everything coming out, I wouldn’t dare short it at this point. Just buy dips. Many of you know I have been long at this point.
Happy trading and hodling,