Maybe something like this. So far its obeying some simple downtrend lines.
This ship can turn on a dime, as you know. But this is where it can find good support. Perhaps even a liquidation wick to $38K just as a nut check.
But right now it's having trouble with the simple overhead downtrend resistance and needs to gear up to get over the big Kahuna (thick white line) - so it needs to dig deeper into the apex of the wedge once it finds and consolidates on solid support.
Maybe it will find what it needs at $44k instead.
I expect at new year, when institutions that got the green light to allocate to BTC start buying, there will be a pickup in general buying pressure and if no up trend starts by then, it will happen then. Institutions typically move quarterly and make large portfolio shifts annually by charter.... this likely had an impact on the pump during the first three weeks in October for the same reason... but it stands to reason this new year pump should be larger. And it may be like that quarterly for some time.... just part of the ramping up of adoption.
This ship can turn on a dime, as you know. But this is where it can find good support. Perhaps even a liquidation wick to $38K just as a nut check.
But right now it's having trouble with the simple overhead downtrend resistance and needs to gear up to get over the big Kahuna (thick white line) - so it needs to dig deeper into the apex of the wedge once it finds and consolidates on solid support.
Maybe it will find what it needs at $44k instead.
I expect at new year, when institutions that got the green light to allocate to BTC start buying, there will be a pickup in general buying pressure and if no up trend starts by then, it will happen then. Institutions typically move quarterly and make large portfolio shifts annually by charter.... this likely had an impact on the pump during the first three weeks in October for the same reason... but it stands to reason this new year pump should be larger. And it may be like that quarterly for some time.... just part of the ramping up of adoption.