If you have been following our posts and in particular BTC is Walking On A $10K Wide Tightrope you would’ve expected a bouncing price of BTC. Just as we said “What we want to keep an eye on is for a new ceiling at $53K and a must hold bottom of $43K. What we are likely to see is an extended period of tightrope walking between the two numbers. A $10,000 dollar wide tightrope that will drive day traders crazy, and make those who have balls of steel a fortune.” What we look for now is that $53K ceiling. At the time of this writing (10:50pm 12-23-21) BTC is just above $51K. The play is as follows.
There are 3 scenarios that may play out and we make our bets accordingly. Like scenario 1 – we hit our heads on $53K and push downwards. Scenario 2- we tighten up between $50K – $53K and trade sideways into the new year. Scenario 3 we bust through $53K and reach towards $60K.
That’s it, those are our options. The time to put our money in had technically passed. We are still trading a range between $43 and $53, buying closer to $43 is a better call than now which is closer to the upper range. That being said, if you have confidence in a break above $53K have at it. We are going to be waiting it out to see what happens, but it would be a wonderful Christmas surprise to see BTC at ATH before year end.