Bitcoin looks to be forming a double top on the daily. I have predicted how this could play out. This same pattern could be made but the bottom being 38K instead of 32K so pay attention to price action in March. Permabulls and Perma-Bears both get wrecked in this market so you have to know when to flip-flop. I am currently out of the crypto space for the time being. Sold everything but will re-enter for a long-term hold after a deep sell-off.
The only things that could prevent BTC from retracing back to pivot points would be as follows:
1. ETFs continue with insane volume and inflow buys.
2. FTX's SBF is charged and sentenced/News of a comeback of the exchange & customer funds.
3. Elizabeth Warrens anti-crypto bill doesn't get passed.
4. More government leaders reveal themselves as Pro-Bitcoin.
5. 48K Level is broken and BTC goes into the 50K channel.
The only things that could prevent BTC from retracing back to pivot points would be as follows:
1. ETFs continue with insane volume and inflow buys.
2. FTX's SBF is charged and sentenced/News of a comeback of the exchange & customer funds.
3. Elizabeth Warrens anti-crypto bill doesn't get passed.
4. More government leaders reveal themselves as Pro-Bitcoin.
5. 48K Level is broken and BTC goes into the 50K channel.
Trade active:
This was my plan B
Trade closed: stop reached