BTCUSDT TA: Minor bulltrap then possible correction to <=7.5k
Short Term: Bearish
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From my current analysis, I would suggest a final spike up to 14500ish is on the cards, followed by another major correction down to 7.5k.
Great opportunity to maximise gains if previously shorted and bought in low down the crash this week, with my target reached at a 9500 buy in.
The chart suggests the current bulltrap could last until end of Jan, but this is dependant on trajectory upwards and therefore at what point we hit the upper resistance lines which have proven reliable so far.
Note how both HL intersect with longer term resistance lines that trace back to previous lines of resistance - this indicates there may be strong players in the market who have set their buylines and sell lines over longer term trends (e.g. weeks/months charts) and are assuming a bubble market (which, to date, seems exactly the shape the market cycle has trended towards).
Therefore, target sell set at 14100 and target buy-in for altcoins/btc set at 7800. Less conservative strategies may wish to push this further towards resistance lines.
Also not position of indicators - MACD recognising a longer term trend, with SRSI and CRSI picking up the peaks. Will be noting SRSI and CRSI for short term trend changes at 14k, then looking for full alignment of all 3 to confirm final buy-in at approx. 7500.
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Longer Term: Bullish - we are in a large scale bull pendant in final phase. Expect rise following 7500 base consolidation.
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Opinion not advice
Comments welcome - 1B2rBfu9X4nms6EtuQWDQuNy87Jn9hYkJs for BTC 7.53% -8.64% -10.79% 1.74% 2.48% 1.99% donation if you find this helps, and want to spread the love!
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From my current analysis, I would suggest a final spike up to 14500ish is on the cards, followed by another major correction down to 7.5k.
Great opportunity to maximise gains if previously shorted and bought in low down the crash this week, with my target reached at a 9500 buy in.
The chart suggests the current bulltrap could last until end of Jan, but this is dependant on trajectory upwards and therefore at what point we hit the upper resistance lines which have proven reliable so far.
Note how both HL intersect with longer term resistance lines that trace back to previous lines of resistance - this indicates there may be strong players in the market who have set their buylines and sell lines over longer term trends (e.g. weeks/months charts) and are assuming a bubble market (which, to date, seems exactly the shape the market cycle has trended towards).
Therefore, target sell set at 14100 and target buy-in for altcoins/btc set at 7800. Less conservative strategies may wish to push this further towards resistance lines.
Also not position of indicators - MACD recognising a longer term trend, with SRSI and CRSI picking up the peaks. Will be noting SRSI and CRSI for short term trend changes at 14k, then looking for full alignment of all 3 to confirm final buy-in at approx. 7500.
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Longer Term: Bullish - we are in a large scale bull pendant in final phase. Expect rise following 7500 base consolidation.
---------------------------------------------------------------------------
Opinion not advice
Comments welcome - 1B2rBfu9X4nms6EtuQWDQuNy87Jn9hYkJs for BTC 7.53% -8.64% -10.79% 1.74% 2.48% 1.99% donation if you find this helps, and want to spread the love!
If the trend holds true, it could be a big opportunity to increase your coin hold by shorting the drop - judging by the previous correction down, altcoins could take a hammering until its over, but should bounce back once BTC levels off...