Bitcoin and most of the other major coins in the top 10 started the 2022 slightly in the red, with no clear directional bias as the volumes are still thin after Xmas and NY holiday. The largest cryptocurrency by market capitalization is hovering around $47,000 atm.
Bitcoin is trading with some bearish pressure on LTF, but still above crucial $46,000 support. A break below would push the price to $43,500, while a break above would take the price up to $49,000 and $53,600; my targets for now. I'm simply waiting for directional bias and have a neutral stance atm. A fall to $43,000 would change nothing in the big picture, but would create an even more impulsive move to the upside.
On HTF it has been trending up with higher lows (HH), where the most previous low was in late September, while the last low was in mid-December. Every time BTC forms the low it also creates a falling wedge pattern with a breakout before the next leg up. I think it will do the same this time, but we need to stay patient and wait for the price to break to the upside to open a long position. I'm bullish on the overall market and I think we will have another leg up, before some larger correction.
Bitcoin is trading with some bearish pressure on LTF, but still above crucial $46,000 support. A break below would push the price to $43,500, while a break above would take the price up to $49,000 and $53,600; my targets for now. I'm simply waiting for directional bias and have a neutral stance atm. A fall to $43,000 would change nothing in the big picture, but would create an even more impulsive move to the upside.
On HTF it has been trending up with higher lows (HH), where the most previous low was in late September, while the last low was in mid-December. Every time BTC forms the low it also creates a falling wedge pattern with a breakout before the next leg up. I think it will do the same this time, but we need to stay patient and wait for the price to break to the upside to open a long position. I'm bullish on the overall market and I think we will have another leg up, before some larger correction.