BTCUSD: Important Pivot Point with 2 probably paths
Hey all!
I see 2 paths for BTCUSD right now. It just bounced off the upper bound of the channel it's currently in, but it's still above the major trendline.
In the bullish scenario, it settles above the channel with some strong volume pushing it to 38-40k, bounces from that resistance, but then closes above the current channel. This would likely drive up a rally to between 43-45k. From there, another major decision point would be reached and it's too soon to tell which one will dominate the narrative.
In the bearish scenario, it gets rejected down past the trend line it currently lives above, driving another test of 30k. If it doesn't hold above 28k, I think there would be severe capitulation and a crypto Winter would ensue. Also too soon to tell, but we should know in a week or two which decision point is most likely to occur.
I still think the monthly macro view points to a big dip touching the 13.5k -18k range within the next few months, followed by a rise to roughly 120k in 2023.
I see 2 paths for BTCUSD right now. It just bounced off the upper bound of the channel it's currently in, but it's still above the major trendline.
In the bullish scenario, it settles above the channel with some strong volume pushing it to 38-40k, bounces from that resistance, but then closes above the current channel. This would likely drive up a rally to between 43-45k. From there, another major decision point would be reached and it's too soon to tell which one will dominate the narrative.
In the bearish scenario, it gets rejected down past the trend line it currently lives above, driving another test of 30k. If it doesn't hold above 28k, I think there would be severe capitulation and a crypto Winter would ensue. Also too soon to tell, but we should know in a week or two which decision point is most likely to occur.
I still think the monthly macro view points to a big dip touching the 13.5k -18k range within the next few months, followed by a rise to roughly 120k in 2023.
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