2021 was year of crypto adoptation. With more than 60% of current market cap being institutional investment, it is unlikely to see btc plunge below 30k.
However, due to institutional involvement, we can now expect more fundamental impacts such as Nonfarm payroll, Consumer Price index, FOMC meeting minutes towards crypto market due to more mature investors being in play.
Far as what we can see, every level of critical support levels in btc was still respected before the drop. This can be observed at 57k, 52k, 46k, 40k and now 34k.
Recent swing low at 33k we saw immediate price action and a bounce back towards 37k within 24 hours. %K , %D made a upward cross over just above 10% stoch level. This can be a sign of possible recovery.
Things to look out for on January 26 and 27, FOMC meeting minutes and interest rate decisions may play a key role in keeping up the current recovery phase.
Hoping to see our weekly candle close above 38k, and previous fib level 23%, and I will re-evaluate my Dollar cost averaging .
However, due to institutional involvement, we can now expect more fundamental impacts such as Nonfarm payroll, Consumer Price index, FOMC meeting minutes towards crypto market due to more mature investors being in play.
Far as what we can see, every level of critical support levels in btc was still respected before the drop. This can be observed at 57k, 52k, 46k, 40k and now 34k.
Recent swing low at 33k we saw immediate price action and a bounce back towards 37k within 24 hours. %K , %D made a upward cross over just above 10% stoch level. This can be a sign of possible recovery.
Things to look out for on January 26 and 27, FOMC meeting minutes and interest rate decisions may play a key role in keeping up the current recovery phase.
Hoping to see our weekly candle close above 38k, and previous fib level 23%, and I will re-evaluate my Dollar cost averaging .