Fresh All-Time-Highs
Bitcoin has broken out to new ATHs above $76k, motivated by the convincing win of President Trump in the US election. So with the last ATH now being old news, where might the next one be?
G’day Folks,
What a week. I am sure many of you were transfixed to a whole host of price charts, election odds, and social posts following the US election on Tuesday.
Personally, I am very glad the saga is over, and even more so that the win was complete, and convincing. Markets really hate uncertainty, and given the Republican sweep, the behaviour of prices over the last few days is information, not noise in my book.
It is also really nice to see trade volume follow through, with the ETFs printing one of the highest volume spikes since the Yen-Carry-Trade unwind on 5-Aug. In my experience, volume helps justify the move, and is another data-point suggesting this rally might have serious legs.
In this piece, I will explore two concepts:
How did spot, ETF and derivative markets react to this ATH break?
What price range would I expect the likely next major stop?
LFG, we like the corn!
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