What I like about this month's big pump is that the few dumps that attempted to destroy it were quickly eaten out. This shows a strong upward momentum, which I hope will soon take us to ATH and beyond.
It's dumping again as I type this... Let's see... Will the above hold true?
In any case, I would still HoDL and wait.
Sure, this month's pump has been a continuation of a pump that largely started in the beginning of September, and the upward curve of such pump has gotten steeper with the passage of the last couple of months including steeper in November than what it was in October.
Ultimately, the challenge began in the beginning of September with the battle over the $10k support
(which had previously been resistance), which largely took the whole month of September to resolve before we entered into the battles for resistance at $12,500-ish and $13,880-ish, which largely those two battles were resolved without much passage of time (by passing right through them when we approached them)... not exactly like a knife through hot butter, but without any real meaningful corrections (and a kind of upward movement right at those price points)... bringing us to the pre-deadman's zone resistance in the $16.5k to $17,250 arena.. which again such resistance was passed through, once we reached it, without too much efforts and a kind of pump in that area rather than a real battle...
So largely we have entered into our already knowns deadman's zone (of $17,250 to $23,500) without really hitting much if any resistance all the way up from $10k in early September nor at points in which some of us had considered "technically" to be potential battle zones at $12,500, $13,880 and $17,250.
We also have nearly closed 7 weekly candles in a row in the green, so long as this week's candle closes above $15,875 - and surely currently, the odds look pretty decent for that.
Perhaps it would be better to close this week's candle closer to the $15,875 (yet still green) than to close towards the top of the candle's range (which is currently, from just over 24 hours ago, is at $18,483, as I type). I don't know. There seems to be some desire, currently, to stay in the deadman's zone.
Seems to me that we usually do not get more than 7 weekly green candles in a row, and my looking back at the charts from the past several years, I only saw 8 weekly green candles in a row on one occasion in early 2017.. and I only saw 7 weekly green candles in a row on four occasions back to late 2016, so it is NOT a common happening to either get 7 weekly green candles in a row and even more rare to get 8 weekly green candles in a row... and not saying that it could not happen again or that having one or two red candles in there along the way might be o.k., too
(king daddy is not exactly or necessarily restricted by some of those technical limitations), especially if we were to close towards the top of this week's candle then it becomes easier to have a subsequent red candle or two and not really getting too bearish in the whole price dynamics.
So the way that we ended up entering into this deadman's zone which is about $17,250 to $23,500 causes the deadman's zone to become a lot more vulnerable to potential meaningful corrections of 25% or greater and a place to possibly engage in a BTC price battle - even though it seems to me that just the mere nature of the deadman's zone causes the terms of such potential battles to be favorable for bulls... at least until we either get to the top of the range of the deadman's zone or until we break through the range of the deadman's zone.. which could then cause the terms of any subsequent battle to become more favorable to bears (at least in the short term) and does not really mean that the bears are going to transition this bullmarket into a bearmaket until at minimum $50k to $75k-ish... then they might have a chance to transition us into a bearmarket that might well come out looking like the mid 2013 bear market (of two blow off tops) rather than looking like the 2018 bearmarket that was more drawn out as one BIG down slope and not meaningful rallys of new ATHs... that "we" did not realize that "we"
(when I say "we" in these last two instances, I am largely referring to the royal we, and fuck how others in traditional financial analysis circles define as either a bearmarket or knowing when you are in one.. we are talking bitcoin here.. not some fucking mature or regular asset class) were in it until the end of the year
(2018 that is).
The next few days to close this week's candle, and then the following week are critical.
tmYou heard it here, first.
For such advices we have a saying in our country: To send someone for green caviar.
