Just an idea of possible 3 scenarios.
Option A is the release of the sell pressure from the future derivatives expiring (orange vertical line) Now @ 4PM GMT following a retest of the $56-57K band if successful continuing to a new ATH.
Option B continuing the current trend down to the blue line which is the bottom of a parallel channel dating back to October on the logarithmic scale. Following a successful retest it could then more to the same line as in option A to retest and continue to ATH.
Option C is a failed retest on the blue line and a further decline towards the $47k level where there is large support.
Personal opinion based on this morning is option A but I’m long term bullish on BTC. Each of the last 5 months the week leading up to the last Friday we have this pull back. I think the leveraged large trades on the derivatives market have a much greater affect on the market then most think. As there is no ETF in the USA currently institutions that want exposure without the hassle of owning the coins are increasingly taking up the options offered in the derivatives market. Ultimately while this give more volatility i think its helping extend the Bull cycle by keeping a cap on the final parabolic stage.
Option A is the release of the sell pressure from the future derivatives expiring (orange vertical line) Now @ 4PM GMT following a retest of the $56-57K band if successful continuing to a new ATH.
Option B continuing the current trend down to the blue line which is the bottom of a parallel channel dating back to October on the logarithmic scale. Following a successful retest it could then more to the same line as in option A to retest and continue to ATH.
Option C is a failed retest on the blue line and a further decline towards the $47k level where there is large support.
Personal opinion based on this morning is option A but I’m long term bullish on BTC. Each of the last 5 months the week leading up to the last Friday we have this pull back. I think the leveraged large trades on the derivatives market have a much greater affect on the market then most think. As there is no ETF in the USA currently institutions that want exposure without the hassle of owning the coins are increasingly taking up the options offered in the derivatives market. Ultimately while this give more volatility i think its helping extend the Bull cycle by keeping a cap on the final parabolic stage.