Perspective using Pivot Points (monthly analysis for feburary)
~ First of all important to note, today starts a countdown: 100 days until block reward halving.
This is a very serious bullish fundamental event for bitcoin, miners will have their rewards halved directly lowering sell pressure.
I'm very curious to see how this event will affect the market this time around.
There's more liquidity, ways to participate and speculators than ever before.
CME, BAKKT, CBOE, various ways to trade options etc. and billions of dollars flowing through margin trading platforms.
This doesn't mean BTCUSD can't plunge and punish margin longs, I just don't think such a move will be sustained at this point.
I think bitcoin will start consolidating and building a base for a new bull trend this year going into next year.
~ Last month I talked about moving up to the daily 200SMA if we closed above the 377EMA.
This target has been reached and overshot.
After that price rushed up to the monthly R3 followed by a retest of the 21EMA and eventually breaking the R3 and resting above it until the end of the session.
Now we have our new monthly pivot points.
~ How I see this month playing out:
If we close above the new month's M3 (~9400) , likely see a move at least to R1 (~10300) and likely higher if we build a higher timeframe uptrend (higher high if close above 10300)
If we close below last month R3 (~9300), likely see a move to the new month's pivot (~8500) and lower if that's violated.
I also see potential bearish divergence developing on the Stochastics.
Bear in mind this is not confirmed until we confirm a lower high.
~ If you would like to see more, monthly, possibly weekly analysis please show your interest by following me/liking this post.
> Not financial advice, I'm not a financial advisor. <
This is a very serious bullish fundamental event for bitcoin, miners will have their rewards halved directly lowering sell pressure.
I'm very curious to see how this event will affect the market this time around.
There's more liquidity, ways to participate and speculators than ever before.
CME, BAKKT, CBOE, various ways to trade options etc. and billions of dollars flowing through margin trading platforms.
This doesn't mean BTCUSD can't plunge and punish margin longs, I just don't think such a move will be sustained at this point.
I think bitcoin will start consolidating and building a base for a new bull trend this year going into next year.
~ Last month I talked about moving up to the daily 200SMA if we closed above the 377EMA.
This target has been reached and overshot.
After that price rushed up to the monthly R3 followed by a retest of the 21EMA and eventually breaking the R3 and resting above it until the end of the session.
Now we have our new monthly pivot points.
~ How I see this month playing out:
If we close above the new month's M3 (~9400) , likely see a move at least to R1 (~10300) and likely higher if we build a higher timeframe uptrend (higher high if close above 10300)
If we close below last month R3 (~9300), likely see a move to the new month's pivot (~8500) and lower if that's violated.
I also see potential bearish divergence developing on the Stochastics.
Bear in mind this is not confirmed until we confirm a lower high.
~ If you would like to see more, monthly, possibly weekly analysis please show your interest by following me/liking this post.
> Not financial advice, I'm not a financial advisor. <