I doubt BTC price can hold ~$50k. This chart shows scenarios I see most likely and either one would include a short term drop to either the upper support level (note 4) around $40k or lower support level (note 5) around $30k.
Looking at the OBV indicator which I find great for helping with breakout moves it shows we are coming to a point where medium term support (note 1) and short term resistance (note 2) are about to meet . You can see that when this happened last time (note 3) in early October a big move to the upside followed.
1st Scenario is that we are looking at part of a head & shoulders pattern (note 7) and a meeting of the OBV points results in a small break to the upside but there is overhead resistance around $52k to look out for which would likely push BTC back down to support levels again and thus complete the right shoulder pattern.
2nd Scenario is we disregard the left shoulder / the whole head & shoulders pattern and instead we are looking at rounded bearish top and a meeting of the OBV points results in a break to the downside which could push BTC down to ~$30k lower support zone. If this happens then I'd assume BTC will have a period of accumulation again whilst the market stabilizes and the price will bounce between $40k - $50k same as what happened May - July this year (note 6).
My conclusion is BTC will be going back up again and smashing new all time highs........BUT I see more short term pain (for the HODL's) before this next major move to the upside.
Looking at the OBV indicator which I find great for helping with breakout moves it shows we are coming to a point where medium term support (note 1) and short term resistance (note 2) are about to meet . You can see that when this happened last time (note 3) in early October a big move to the upside followed.
1st Scenario is that we are looking at part of a head & shoulders pattern (note 7) and a meeting of the OBV points results in a small break to the upside but there is overhead resistance around $52k to look out for which would likely push BTC back down to support levels again and thus complete the right shoulder pattern.
2nd Scenario is we disregard the left shoulder / the whole head & shoulders pattern and instead we are looking at rounded bearish top and a meeting of the OBV points results in a break to the downside which could push BTC down to ~$30k lower support zone. If this happens then I'd assume BTC will have a period of accumulation again whilst the market stabilizes and the price will bounce between $40k - $50k same as what happened May - July this year (note 6).
My conclusion is BTC will be going back up again and smashing new all time highs........BUT I see more short term pain (for the HODL's) before this next major move to the upside.