BTC - Pullback to 98.5k, or drop to 86k?
Seems both RSI and MACD are giving different signals. MACD is bearish, but indicating a pullback can happen with bullish divergence on lower timeframes. RSI is also showing bullish divergence in my opinion. I believe this upcoming week will be interesting. To me it seems a pullback can happen, but with BTC being closely correlated to S&P I believe the overall market sentiment dictates where this goes now.
On lower timeframes it looks like the price action has broken out of the downwards trend BTC has been trading in this week. After such a drop it's not hard to believe that the price can pull back up below 100k.
Although my feeling is that a lot of people might "sell the news" when Trump takes office, so a drop to 86k at that point also makes sense to me.
I wouldn't be surprised if BTC pulls back to 98.5k, and when Trump takes office dumps down towards 86k, to rise up to new all time highs later in the year.
On lower timeframes it looks like the price action has broken out of the downwards trend BTC has been trading in this week. After such a drop it's not hard to believe that the price can pull back up below 100k.
Although my feeling is that a lot of people might "sell the news" when Trump takes office, so a drop to 86k at that point also makes sense to me.
I wouldn't be surprised if BTC pulls back to 98.5k, and when Trump takes office dumps down towards 86k, to rise up to new all time highs later in the year.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.