yes perhaps in very short term there might be one more pump but mid-term looks bearish.
Here's what I'm seeing
A) Weekly RSI is still over extended above 70, if you look back at all of bitcoin history. Most times there is a correction until RSI drops to "at least" around 66.9.
B) The monthly candle shows massive rejection, we went up to 42K and rejected to what look to be settling around 30-32K mark. Looks to me like it's forming falling star (unless we still could get a hail mary in next 3 days and price skyrockets past 42K but not very likely)
C) If you check the monthly for each of the previous times where bitcoin has formed a new all time high. The second month it will retest between 70%-90% of the all time high price before plummeting.
D) The US Dollar Index (DXY) seems to be making a recovery and if it continues to do so would mean by contrast price of bitcoin goes down (Assuming you are looking at BTC USD pair)
For in feb we might see another retest of 35K-40K before bitcoin keels down, price retracts (There have been no strong tests of support/resistance between 20K to 30K, so this will be interesting how much it retraces). Though if history is anything to go by and if we are in a mid-cycle top and then big blow-off tops happens, it would be around December.
Here's what I'm seeing
A) Weekly RSI is still over extended above 70, if you look back at all of bitcoin history. Most times there is a correction until RSI drops to "at least" around 66.9.
B) The monthly candle shows massive rejection, we went up to 42K and rejected to what look to be settling around 30-32K mark. Looks to me like it's forming falling star (unless we still could get a hail mary in next 3 days and price skyrockets past 42K but not very likely)
C) If you check the monthly for each of the previous times where bitcoin has formed a new all time high. The second month it will retest between 70%-90% of the all time high price before plummeting.
D) The US Dollar Index (DXY) seems to be making a recovery and if it continues to do so would mean by contrast price of bitcoin goes down (Assuming you are looking at BTC USD pair)
For in feb we might see another retest of 35K-40K before bitcoin keels down, price retracts (There have been no strong tests of support/resistance between 20K to 30K, so this will be interesting how much it retraces). Though if history is anything to go by and if we are in a mid-cycle top and then big blow-off tops happens, it would be around December.