IMO
BTC
is forming a topping pattern which I've been writing about for months. I initially charted BTC in February with a target of $44k which ended up playing out earlier last month. Then last week I thought there could be another move higher to 48K, which also played out.
Now I think there will be one last move higher which will form the top. Tops are tricky because they tend to fake out most of the market. You have a resistance that gets passed, then certain levels get retested, then you have one large move up which makes people think we're going to the next resistance, but that ends up forming the top and we never tap that level again (until the bull market starts).
I think that's what's about to play out. The first resistance level was $44k, then we moved higher to 48K, now I think we'll have one final move up that will trap most of the market.
I think this level around 42K is a good one to get long again, now that most of the market has been washed out.
Let's see how this progresses over the coming few weeks.
I think with this move down, this is a good level to get long for the final move up to either tap 48K again and reject or to surpass 48K.
BTC
is forming a topping pattern which I've been writing about for months. I initially charted BTC in February with a target of $44k which ended up playing out earlier last month. Then last week I thought there could be another move higher to 48K, which also played out. Now I think there will be one last move higher which will form the top. Tops are tricky because they tend to fake out most of the market. You have a resistance that gets passed, then certain levels get retested, then you have one large move up which makes people think we're going to the next resistance, but that ends up forming the top and we never tap that level again (until the bull market starts).
I think that's what's about to play out. The first resistance level was $44k, then we moved higher to 48K, now I think we'll have one final move up that will trap most of the market.
I think this level around 42K is a good one to get long again, now that most of the market has been washed out.
Let's see how this progresses over the coming few weeks.
I think with this move down, this is a good level to get long for the final move up to either tap 48K again and reject or to surpass 48K.
Comment:
42K
region held on second retest. Should move higher from here
42K
region held on second retest. Should move higher from here
Comment:
Now I'm thinking one more low in around $40.8k-
41K
before we move higher. Should happen tomorrow. Hopefully we see a sustained move higher after tomorrow.
41K
before we move higher. Should happen tomorrow. Hopefully we see a sustained move higher after tomorrow.
Comment:
Changing my view here. Think we get a move higher into the morning to ~ $44k and then the selloff happens after that. The low after could be between $38k-40.8k level.
That would be the place to take fresh longs if it happens. If we get a move higher tomorrow, I'll likely sell into that.
That would be the place to take fresh longs if it happens. If we get a move higher tomorrow, I'll likely sell into that.
Comment:
Okay, after looking at the chart again, it's looking more like we see $40.8k before 44k.
Price rejected $43.3k and hasn't been able to get back above it.
Let's see.
Price rejected $43.3k and hasn't been able to get back above it.
Let's see.
Comment:
Changed my mind again. Up we go.... I always remember the saying, charts look the most bearish at the bottom. We just reclaimed support, so as long as this support holds, I think we go up.
Just note the different scenarios, but I'm long.
Just note the different scenarios, but I'm long.
Comment:
This is really annoying price action. I'm back to cash. It's looking like we will end up sweeping the lows and will hit $40.8k before higher.
I think tomorrow we should move higher.
I think tomorrow we should move higher.
Comment:
Looking like we may go higher. I'm expressing this view through $SEIUSD. I still think we do hit $40.8k before a larger move up
48K
+, but think we could at least hit $44-46k before $40.8k.
If we lose this support here at $42.6k, then $40.8k is the next support.
Those are the two scenarios.
48K
+, but think we could at least hit $44-46k before $40.8k. If we lose this support here at $42.6k, then $40.8k is the next support.
Those are the two scenarios.
Comment:
Welp got the fakeout higher last night, then lost the support. Approaching $40.8k now. Let's see if we bounce there or the lower support at $39.7k.
Comment:
I lean towards the lower support now. Looks like it still has room to fall.
Comment:
Bounce here, but it'll be short lived. New low tomorrow.
Comment:
If we don't get the low tomorrow, then we'll get it on Monday or Tuesday. I'd just be cautious until then.
Comment:
Looks like the low is in to me.
Comment:
After relooking at the chart, I think there's a possibility that we could see
52K
next week.
That would be wild. Feel like everyone is in the dumps after the price action this week. So to see new high = euphoria again. If that happens, I think that sets up alts for alt season first two weeks of Feb and then bull market = over.
Let's see...
52K
next week. That would be wild. Feel like everyone is in the dumps after the price action this week. So to see new high = euphoria again. If that happens, I think that sets up alts for alt season first two weeks of Feb and then bull market = over.
Let's see...
Comment:
I am now fully long in a BTC position.
Comment:
I entered a little bit early ~$40.8, but now we're at the bottom support. Still same bias that we head higher here.
Comment:
Supports levels from here before the pop upwards: $38.4-$37.8k. I'd expect one or both of those levels to get hit tomorrow, then reversal.
Comment:
ooks like we're going to get a decent bounce first. Still favor the idea of one more low, but should happen later this week.
Will exit my earlier entry if I'm back in profit and wait until Friday to see if i can get a better entry.
Will exit my earlier entry if I'm back in profit and wait until Friday to see if i can get a better entry.
Comment:
Okay, bullish again. Entered full positions (mainly in alts). SEND BTC higher.
Comment:
Move up starting now.
Comment:
I'm not sure if BTC hits
52K
or not. I think upside is greater in Alts from here.
I'm playing the move higher that way.
52K
or not. I think upside is greater in Alts from here. I'm playing the move higher that way.
Comment:
52K
coming soon. Probably within the next couple of days. Alts will run right after that level gets hit.
52K
coming soon. Probably within the next couple of days. Alts will run right after that level gets hit.
Comment:
We're still going to hit
52K
- that was just a shakeout.
52K
- that was just a shakeout.
Comment:
Target hit. I'm going to start derisking from here over the next 24 hours.
Think it's likely we'll see a correction for BTC into next week (maybe starting tomorrow or Friday). Then will look for new entries in Alts for one last altseason into the beginning of March. I will exit all of my crypto positions before March 5th (as I anticipate that is when the bear market will continue).
Good luck to you all. The alts that I have charted that haven't hit their target yet are likely where I'll turn my attention to next (ETC, MASK, etc.)
Think it's likely we'll see a correction for BTC into next week (maybe starting tomorrow or Friday). Then will look for new entries in Alts for one last altseason into the beginning of March. I will exit all of my crypto positions before March 5th (as I anticipate that is when the bear market will continue).
Good luck to you all. The alts that I have charted that haven't hit their target yet are likely where I'll turn my attention to next (ETC, MASK, etc.)
