Fourteen years ago today, on January 3rd, 2009 the Bitcoin blockchain mined its first-ever block. I want to compare Bitcoin with the two indexes it tends to follow and how all three of them will react in this new year, the young, the old and the new.

Fellow traders following along with our trades should put in a limit order in current BTC short trade we initiated on December 16th. We sold BTC at $16,850 with very tight protective stops at $17,350. Now is the time to put in a limit on your short trade to pull profits at $16,400.

Yesterday after declining from just under resistance at the long-term 78% retracement ($17,779) losing around $450, Bitcoin completed one of the most accurate of candlestick patterns, the “three river evening star”.

The CPI for November 2022 was released today and came in under the expectations for 7.3% at 7.1% for the last 12 months, a 0.1% increase from last month.

Starting today Glassnode, one of the top sources for chainmetrics added an awesome new metric that in light of the recent FTX fiasco will become instrumental in order for crypto exchanges to regain any sort of public confidence.

On Wednesday, November 30th the Chairman of the Federal Reserve Jerome Powell delivered a well-received message that sent markets flying during a session of prepared remarks and questions at the Brookings Institution. This will be his last scheduled appearance before the central bank's next meeting in two weeks.

Is a bottom in Bitcoin finally here? If not then where? I have been saying that Bitcoin’s bottom would occur between $17,800 - $13,000 for an entire year now, ever since we came off of our new all-time high last November.

The bottom in Bitcoin that held for two years was taken out as prices eroded to new lows starting on November 8th. From the open on Nov.8th to the low on Nov. 9th Bitcoin’s price declined by $5,000, nearly 25% in two days.

As far as payment portals go it has been roughly two years since a large-scale payment solutions company hopped on the Bitcoin bullet train. Yesterday MoneyGram announced a new cryptocurrency service that allows customers to buy and sell Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) on the company’s mobile app.

This week Bitcoin broke out of the descending triangle that had defined its price action since the end of May. The top of the upper resistance trendline of this formation was tested on three separate occasions on the first week of June, in mid-August, and in mid-September.  In each of these attempts at testing the upper resistance, the bearish faction showed its teeth.