1. BTC ranges within the downward wedge with $45k as support.
2. BTC fails to find support at $45k, we continue to range in the downward wedge to new lower support levels
3. We range higher to the top of the wedge and break it.
We must assume a pattern will continue until it doesn't... We really need to see a few daily closes above $45k to remove some of the fear in the markets. What would be great for alt coins would be if BTC ranges above this $45k level.
If it fails to hold this level, then look for support at $42, $39k. Still very bullish on BTC and the market in general but if you buy anything now, be prepared for downward moves until BTC settles. I'm holding a lot of my funds in USDT until the market calms down.
2. BTC fails to find support at $45k, we continue to range in the downward wedge to new lower support levels
3. We range higher to the top of the wedge and break it.
We must assume a pattern will continue until it doesn't... We really need to see a few daily closes above $45k to remove some of the fear in the markets. What would be great for alt coins would be if BTC ranges above this $45k level.
If it fails to hold this level, then look for support at $42, $39k. Still very bullish on BTC and the market in general but if you buy anything now, be prepared for downward moves until BTC settles. I'm holding a lot of my funds in USDT until the market calms down.
Comment:
Bounce of the 42k - 0.5 fib level we held since the move from Dec 2.
However it could just be part of the ranging within the downward trendlines. If it breaks the upper trendline, then gloves off.