##  The technicals 

![](https://steemitimages.com/DQme6A9xhcZWhZ8htfoeUFVmQpyEJv5W5pqsqefw2h8NK2R/image.png)

Here's a graph of bitcoins rise during 2017.  As you can see it respected the upper yellow line all year until breaking out late november.

So we are likely to get some support on that line, and in fact we may of already bounced off it.  I like to wait a week before confirming that.

![](https://steemitimages.com/DQmeS2x7ZANzZh39WkF6U5Xt13P4f9roQJVqWYPnri9zHr1/image.png)

Now looking at the graph for the last 3 years we can see that it has been a continuous story of trends breaking upwards and growth accelerating.

## Fundamentals 

I don't like just trading off the technicals with a fundamental story backing it up.  So here are 2 reasons that **might** back up a continuation of the exponential growth.

### Futures 

With futures launched on the CBOE and CME there is now a place for big money to take up a position without having to use an unregulated market.

This will likely begin to ramp up after the first contract expires in mid january and the institutes gain confidence in the product.

A lot of people have talked about the big players shorting bitcoin, but not many investors are willing to short a n asset that can go up 1000% a year.  But they will be willing to put 0.1-1% allocation into bitcoin just incase it becomes a new asset class.

If we don't fall below 10k over the next 3 years, that will add strength to the traders in these institutions that are calling for an allocation in crypto.

### No one owes Bitcoin

My second reason is that nearly no one owes bitcoin.  While to use in the space it can seem like everyone owes it, we all know 5 or 6 random people from our past that has popped up and started asking about bitcoin, but think of the 100's of other people in your life that owes none.

Yet every is talking about it, turn on CNBC or Bloomberg they likely devote 5% of there time to talking about bitcoin nowadays.   

There are a lot more people out there that have been looking for a moment to buy than there are people that bought at $19k, sold at $11k and are too afraid to come back.

## Conclusion 

Looking at the graphs above bitcoin is not only still in a bull trend, it is still in a breakout of a bull trend.  On top of that I see enough fundamentals to support the continuation of this.

My plan is for a small buy now with tight stop loss below 10k and profit taking around 17k.  Then if we break 20k I will be buying heavily with targets of 29K and 42K

![](https://steemitimages.com/DQmTQSSrWjdbCsoh9jm6od54twbJqTPDp4N4gz94MVnRnRD/image.png)


Thanks for reading.

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## More posts

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## Disclaimer

Please do not invest on the advice of a stranger on the internet, only use this advice here as a starting point for your own research, and then if you choose to invest please only invest an amount that you can afford to lose.

![dont-know-25547_960_720.png](https://steemitimages.com/DQmeFGZRGdBKh341vRR1q3d7TpABTHLCskXnyko899K5CaS/dont-know-25547_960_720.png)
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