Hi,
As usual I have 2 scenario in mind. I think btc will retest the rectangle 18.7k-19.3k zone.
The price may follow 2 roads:
1) going up, testing a new resistance and then down
2) break the trendline and directly test the zone
I think the recent pump is not sustainable and it has been driven by emotions. So a retest of the support is necessary in order to consolidate the uptrend.
NOTE: The bottom may not be in! a further impulsive move in needed in order to be sure.
NOTE2: Watching closely SPX moves (we have a short in play there at the trendline)
A funny Q1 ahead! :)
As usual I have 2 scenario in mind. I think btc will retest the rectangle 18.7k-19.3k zone.
The price may follow 2 roads:
1) going up, testing a new resistance and then down
2) break the trendline and directly test the zone
I think the recent pump is not sustainable and it has been driven by emotions. So a retest of the support is necessary in order to consolidate the uptrend.
NOTE: The bottom may not be in! a further impulsive move in needed in order to be sure.
NOTE2: Watching closely SPX moves (we have a short in play there at the trendline)
A funny Q1 ahead! :)
Note
Actually at my 2nd resistance level. Let's see if it will break it or not. Note: SPX bulls tried to break the resistance trendline during the weekly close. This weekend could be sideways and then impulsive on monday at market opening.
Note
Just published an idea for 2023 on SPX and BTC
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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.