On the weekly, we look like we maybe close above resistance tomorrow on massive buy volume. That is fundamental to these bullish thoughts. I think now that most of the move has played out, we may come down for a bullish retest before moving higher. as low as the 19,000 level before moving to 24k or 25k. On the Hourly, it looks like a minor consolidation about to continue to 22k.
A failure can take us back back to green support19.6k. If for some reason we sell off and close tomorrows weekly candle below 19.3k, I will become super bearish and call for 14k again.
What really caught me off guard recently was how well the stock market was going to perform from its last consolidation. It broke through major resistance first try and closed above it. This lead BTC and dragged it up with it as they are correlated. It can easily continue higher until the next FED meeting(January 31st-Febuary 1) when interest rates are raised. but it looks like it is going to 405-406 but as high as 415 before I think it will find rejection. If this is the case, then BTC can keep rallying up to 24-25k. There isn't a strong setup other than this minor pattern since the move is just happening.but breaking these resistances is a sign of strength for the short term for me
A failure can take us back back to green support19.6k. If for some reason we sell off and close tomorrows weekly candle below 19.3k, I will become super bearish and call for 14k again.
What really caught me off guard recently was how well the stock market was going to perform from its last consolidation. It broke through major resistance first try and closed above it. This lead BTC and dragged it up with it as they are correlated. It can easily continue higher until the next FED meeting(January 31st-Febuary 1) when interest rates are raised. but it looks like it is going to 405-406 but as high as 415 before I think it will find rejection. If this is the case, then BTC can keep rallying up to 24-25k. There isn't a strong setup other than this minor pattern since the move is just happening.but breaking these resistances is a sign of strength for the short term for me
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Us clearing major resistance so far
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We need to beat this green level to get contiuatriton