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! :)
Comment:
Just published an idea for 2023 on SPX and BTC
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.