Sage Investment Club

Bitcoin to the moon

The price of bitcoin just extended to a intraday high of $21,995 just short of the natural resistance at 22,000.

Looking at the daily chart the price moved above the high from Wednesday at $21,646 it also extended above the high from November which was at $21,473. Those levels will be close risk levels now. Stay above is the best case scenario for the buyers.

The next target is at the $22,000 level. Move above that level and the next major target comes against the September high at $22,781.

The last 4 months have seen the price trade between 15,479 and $22,781. On January 13, the price moved above its 200 day moving average for the first time since the end of December 2021. Bullish.

There is certainly is plenty of room to roam. The question is does the market have the speculative players it once had, given all the negative headlines, and the sharp declines from the 2021 high up near $69000? Burn me once, shame on you. Burn me twice, shame on me.

Nevertheless, from the end of year 2022, the price is now up 32.77%. There is nothing like FOMO to get the players back to the table.

To the moon!

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