If you recall from yesterday's post, I said "There is immense damage on this chart, and the majority of the resistance is to the upside. Don't let a little bounce, blind you into thinking the coast is clear." looking at the chart today, we can see that yesterday's bounce was a dead cat. Sell side momentum is increasing on the , as it rolls over to form a crossover, and red is picking up on the chart, signaling the return of the bears. You can see on the left side of the chart, just below the 786, there is a shelf of support that we are currently testing. Once that level breaks, BTC should fall into an area of very little support. Therefore, BTC could soon begin to accelerate to the downside, as it targets the bottom of the pink .
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-MPC loves you-
1) We have a very strong bottom in the 5,5 to 5,7K resistance (this is my entry level) a lot of price action in that area
2) the same area is a critical Fibonacci area based also on the similar 2014 correction
3) Tomorrow we will have the SEC hearing, this means that we will have the final FUD based dump to make the price to fall even faster to test the resistence
4) The Stock market start a quite good correction (-5% in one single day). I imagine that many people toke the profit in December from Crypto and used them in Stock and get back now to Crypto with a much lower price and, I assume, way more stability.
5) In the past 2-3 days I have noticed a little shift in a mainstream media content about BTC and Crypto in general. Looks like Crypto Currencies are more "on the ground" now respect the huge 2017 pump.
If price fall below this area (5,5 - 5,7K) I will start to really consider that this market will be bearish for a long period of time.
If it bounce we will have to scenario:
1) bounce with huge volume- Straight and fast to 17K area (could take less than 3-4 weeks)
2) bounce with low volume - Sideways around 10K area for a while and then pump to 17K area, but in this scenario it could take a couple of months ( this is my favorite scenario).
I just watching BTC at the moment, all other Crypto pump or dump accordingly.
BTC must wait for investors who believe in this project. 12k to end of February. 17k to end of june, 20k to end of september and 50k to end of December.