Sunday Afternoon, Bitcoin is Pushing Up Against its All Time Highs Again
by Mike Paulenoff
December 15, 2024 • 1:51 PM EST
Friday afternoon, fifteen minutes before the closing bell in the equity indices, this was my parting comment about Bitcoin:
Heading into the weekend, the technical setup argues against holding shorts in Bitcoin... no?...
Less than 5 hours before the re-opening of the equity futures markets this evening, we find Bitcoin above 103,000 as it approaches a full-fledged retest of its 12/05/24 ATH at 104,100, which, if (when) hurdled and sustained, triggers a next projection in my work to 110,000-112,000, perhaps in route to much higher prices thereafter, and maybe a reflection of the pro-crypto incoming Trump Administration "normalizing Bitcoin" as a store-of-value by a finite-supplied asset that is adopted throughout the international financial community.
If Bitcoin is the new generational "digital gold," and it is widely adopted and accumulated by the incoming US Government as an anchor for the value of the Dollar and used to gradually pay down a gargantuan $36.23 trillion in sovereign debt (as of this morning), then just maybe the damaged perception of the once meaningful moniker the "full faith and credit of the United States of America" will be rehabilitated, and as such, so too will US fiscal health and America's ability to pay the interest on its debt at increasingly favorable rates... the opposite of the way things are heading at the moment...
This is just me thinking out loud, offering food for thought as we head into 4 years of positive disruption intended to "fix" America... Let's keep our fingers crossed! Last in Bitcoin is 103,177...
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
Thirty minutes after the opening bell on November 24, 2025, I posted the following heads-up to MPTrader members about the technical setup in META:META has the right technical look of a significant U-Turn to the upside after completing a 27% August-November correction from 796.25 (8/15/25) to 580.32 (11/21/25)... To gain more powerful upside traction, META needs to climb and sustain above nearest-term resistance at 614.70 to 616.50, which if (when) taken out, will open a higher price pathway to the 670 area to challenge the down-sloping 200 DMA... Last is 609.27...
Last Friday morning, to calm frazzled nerves amid a 1% pre-market plunge that was threatening to complete a 100% give back of the prior week's 3.
Late on Friday, fellow MPTrader member MarkinQueens exclaimed: Mike's XOM (Exxon Mobil) chart from August is working! Last $117.26!Back on August 25th, this is what we discussed about Crude Oil and XOM:Just in case anyone is wondering what the chart of nearby Crude Oil is looking like as we approach the "official" end of summer.
On August 12, 2025, this was my response to an inquiry from an MPTrader member about intense weakness impacting SMR (NuScale Power Corp):SMR (NuScale Power)-- Fellow member Irv66 asked for an update on this modular nuclear reactor manufacturer that blasted-off from 11.08 in early April to 53.50 at the end of July (+382%), but has since been in the grasp of a major correction from 53.50 to 38.33 (-28.6%). My pattern work argues that SMR is nearing key support from 37.50 down to 33.
ARKK (ARK Innovation Fund, ETF)-- Back on August 20, 2025, this is what we discussed about ARKK:Fellow member Pawel has requested an update on Cathie Wood's fund, which in June thrust up and out of a 3-1/2 year base-accumulation period and pattern above 68.40/50 that subsequently climbed to my initial target in the vicinity of 80 (see my attached Daily Chart). Since the 7/21/25 high at 79.