Lines on charts for the end of December 2021 through February 2022.
Winter is here, with some storms ahead.
Bitcoin looks to continue to follow the short-term trend down from the recent all-time high. I believe we broke up and are currently in a retest. Unfortunately, I don't expect it to hold.
The next support is from a previous higher low at ~$45,475. No faith here in this support, it's looking weak AF.
I'm looking back at May-July 2021 for clues—particularly June 15th to July 20th, which could very well be the same pattern we take over the next 4 weeks. In short, we respect the major red trendline. However, expect to dip below and retest.
So, be ready for more drops.
Expect a few nasty bear wicks over the next few days. Totally wouldn't surprise me if it happens during New Year's Eve. So prep accordingly.
There will be brief runups with BTC showing dominance compressing ALTs to max pain. Careful with those bull traps.
Keep plenty of cash on hand, be ready to buy the dip. Trade this area but within a tight range.
If the previous pattern holds, we'll run up but then back down under the trend line and then around February start looking for the run to begin towards the next ATH.
Till then. Lighten your bags if you can, be ready to buy those dips.
Best of Luck in the New Year!
Winter is here, with some storms ahead.
Bitcoin looks to continue to follow the short-term trend down from the recent all-time high. I believe we broke up and are currently in a retest. Unfortunately, I don't expect it to hold.
The next support is from a previous higher low at ~$45,475. No faith here in this support, it's looking weak AF.
I'm looking back at May-July 2021 for clues—particularly June 15th to July 20th, which could very well be the same pattern we take over the next 4 weeks. In short, we respect the major red trendline. However, expect to dip below and retest.
So, be ready for more drops.
Expect a few nasty bear wicks over the next few days. Totally wouldn't surprise me if it happens during New Year's Eve. So prep accordingly.
There will be brief runups with BTC showing dominance compressing ALTs to max pain. Careful with those bull traps.
Keep plenty of cash on hand, be ready to buy the dip. Trade this area but within a tight range.
If the previous pattern holds, we'll run up but then back down under the trend line and then around February start looking for the run to begin towards the next ATH.
Till then. Lighten your bags if you can, be ready to buy those dips.
Best of Luck in the New Year!
Comment:
45500 is holding...for now. This weekend might be brutal. Hang on to your butts.
Comment:
Really looks like we're repeating the May drop/recovery, but moving through the pattern faster. If the pattern holds, we'll see a run back to 46500 and then break down to 42k/43k before we head back up. Good times.