Chart of the Day - Tuesday, October 27th, 2020

Today’s Chart of the Day was shared on Twitter by Jeroen Blokland (@jsblokland). It's a chart of Bitcoin over the past three years. The crypto crowd has been crawling out of their parents' basement over the past few weeks as Bitcoin breaks above levels not seen in years. Not surprisingly, everyone is looking for a macro narrative or reason to explain this move. However, us chart watchers don't really care about why price is behaving the way it is. The only reason Bitcoin has our attention right now is that price is breaking out of a multi-year base within a long-term uptrend. That's it! It is really that simple. With Bitcoin currently trading firmly above the $13k level, a retest of the 2017 highs around $19-20k within the coming months is a real possibility.