Lets look at what the price did the last 6 years when btc opened up a new year with an untested yearly pivot. 6 out of 6 of that year almost immediately started their rise or fall to test the pivot. This is despite whatever excuse for why that cannot happen now. even with that panic fall in 2015. the very new W2 wick went up and struck it on the dot. This is before and after futures market. Despite news no matter if it favored or was counter-intuitive to a trend at the time It is simply algo behavior on a larger scale. If TA is supposed to use the history of price action to determine future price action... 100% of the time something happening is probably worth paying attention to.
Supportive points. The higher timeframe oscillations are very high. several unfilled gaps and a fib retrace also lines up in that area. huge bearish divergence on bi weekly chart
If wrong. and the price takes out the previous high on a closing basis and if by some long shot we take a last move up to 29k by monthly close.... the next yearly pivot would be coming in around 20.5k..... still 3.3k lower than here and much further from there.
That being said. I see no conviction for being bullish in terms of spot or margin in this point. even if we moon to 29k.. history suggests you will still get a better price than the current one here.
good luck all
Supportive points. The higher timeframe oscillations are very high. several unfilled gaps and a fib retrace also lines up in that area. huge bearish divergence on bi weekly chart
If wrong. and the price takes out the previous high on a closing basis and if by some long shot we take a last move up to 29k by monthly close.... the next yearly pivot would be coming in around 20.5k..... still 3.3k lower than here and much further from there.
That being said. I see no conviction for being bullish in terms of spot or margin in this point. even if we moon to 29k.. history suggests you will still get a better price than the current one here.
good luck all