Holiday in America
Today is Thanksgiving or almost more commonly referred to as “Turkey Day” in America. The interesting this about Thanksgiving is that it completely transcends one countries meaning and is more of a global message to anyone and everyone that just says Thank You. Just dedicating a few minutes in the day to say what you are thankful for! This is also pairs well for traders as they try to maintain a healthy mindset for trading!
Yesterday we saw Bitcoin flirt with the range low once again but once again it found support. These things can drag out for weeks if they don’t see a sudden change in direction to help with volume and momentum.
With today being a holiday in America, we expect there to be less overall volume in the market, especially Bitcoin. This is a double-edged sword because on one side you expect a little less to happen and price to remain sideways but on the other hand, the books are thinner and it’s far easier to push the asset around as you essentially have fewer people around to fight you.
Putting the holiday and the upcoming Black Friday and the upcoming weekend and the upcoming Cyber Monday aside……….. Bitcoin remains healthy at the bottom of the range. Range High is a different story as it has been we have not tested that area for four days.
Everything changes if we lose Support. That being said, the upside has far more to contend with. Breaking over the range high – around 60K only gets us closer to the upward sloping trend resistance. Righ above us we have two different trends and a horizontal area of resistance. Breaking through all of that will then lead us to previous highs and inevitably the ATH. Right above the ATH is one of our original Price Discovery resistance targets. So, to say the Bulls have a lot to deal with is the understatement of the year.
However – it is November and we are still in a Macro Bull Run – so the Bulls have that statistic in their favor and that carries a lot of weight!
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