October is finally over and it's time to see some of that famous November action.
It's been a while since I've seen such an overwhelmingly bullish support line.
Almost zero volatility with constant upward motion.
If the price doesn't crash through this line within the next 24-48 hours there is almost sure to be a big spike to the upside.
Why?
It's essentially only been a week since Bitcoin catapulted $2500. The market is essentially in disbelief that such a thing could happen again in such a short amount of time. Everyone is playing it safe at this point, and for good reason. We are already half way back to all time highs.
It's only gonna take one person with deep pockets to make everyone else FOMO in. The next big resistance is around 12k, and I expect to be there within 2 weeks at the latest. Wouldn't be surprised if it happened tomorrow either. Although I would expect it to take a little time to test the 10k and 11k ranges first.
Could be artificial?
I'm not against the idea that this could all be rigged. The US government is getting very serious about taxing crypto. The central banks are planning exactly how they want the next recession to go down. If you were planning a recession, wouldn't you want to make sure that there weren't any assets to escape to during the carnage?
Imagine the stock market collapsing while Bitcoin is going up. Everyone would exit to Bitcoin. They can't have that. Therefore Bitcoin needs to be bubbled before everything goes belly up so it crashes at the same time as the economy. Obviously this is a very flimsy story I'm telling, but it is something I'm thinking about in the back of my mind.
If I'm being honest I believe in the Federal Reserve's ability to hold off the collapse for another year and use it as some kind of fucked up political bargaining chip during the next presidential election.
Oh wow that's exactly a year away... November 3, 2020. Weird.
Conclusion
Now that the price is holding steady above the oscillating average $9350 and continues to climb slowly I'm pretty sure we'll see some volatile action in the near future. Right when Bitcoin starts to become stable is the best time to pump the price because you know it's not going down. Lot's of money is going to be exchanging hands this Christmas, and it won't just be in the cryptosphere.
'Tis the season.
The price just went up another $25 while I was writing this. Steady and consistent inclines like this never hold for long. At some point big players start going all in.