A Little Higher | Friday Video Update

Bitcoin Data Newsletter

Hello Everyone!

Welcome back to a Friday Video Update!

Today, Bitcoin inched a little higher to hit $39,000.

I’ll be talking about my thoughts for the short-term, my two posts of the day on Long-Term Holder Cost Basis and Monthly RSI.

I’ll also discuss a question I’ve received a lot today, should you buy?

Enjoy!

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Quick Summary

• Price has bumped right up against $39,000, and for now is above the primary resistance I have been watching.

• Bitcoin cleared the liquidity target I brought up in the last newsletter “A New Year’s Bitcoin Party” at $38,500

• A new pile of short liquidations lies just overhead at about $39,020, making it again a possible target for the short-term

• This $39,020 price target lines up almost perfectly with level 1.5 of the Magic Bands, could this be the area we we finally see some short-term pullback? We are incredibly close as it stands

• The 48k target of the Magic Bands still hangs firm for the upcoming months

• For now, I do not have any firm long-term calls, as data points to higher prices however we might get there

• The long-term holder cost basis uses different multipliers of itself to determine price points

• Breaking the 150% line is significant, and typically implies that it will become strong support in the future, this is priced at 31k for now

• 31k lines up roughly with support from the magic bands, Level 1 is a likely area priced at 32k

• Now is not the time to buy, which is made evident by the extensive upside with lack of downside

• Risk is severely elevated buying at these levels, and it is not a wise decision

• The Monthly RSI is one of the many indicators I have used in determining the cycle tops and bottoms in the past

• The indicator I have shown is not precise but combined with other more precise metrics can be a powerful tool

• For the short-term I am keeping a close eye on the 39k level, and will be watching prices reaction