Bitcoin, Another Upleg Expected Immediately
Contributed Opinion

Bitcoin went up for a day more than we expected in the last update before the predicted correction / consolidation set in. As we can see in the latest 3-month chart, this correction / consolidation has gone on for over two weeks, and it has taken the form of a bull Pennant that now looks to be about complete.

It has been accompanied by an overall easing of volume with the Accumulation line remaining buoyant, suggesting that it is a true Pennant and that, with the price now very near to the lower rail of the channel, another upleg is to be expected imminently.

Anyone holding Bitcoin should, therefore, stay long, and it is a Buy here for another upleg within its fine uptrend channel that can be expected to lead to substantial percentage gains by the time it reaches the top of the channel.

A final word of warning. It's perfectly okay to be greedy with this, but it's not okay to be too greedy, otherwise you could end up like this guy who went all the way up and then all the way back down again, the (temporary) Bitcoin Millionaire. Fortunately, Bitcoin is believed to have a long way to go before it hits another peak.

Finally, if Bitcoin starts another upleg now then other cryptos are likely to go up with it and also Wonderfi Tech that we looked at last Friday.

Bitcoin closed for trading at $41,470.80 at 10.15 am EST on December 18, 2023.

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The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.