BTC has been sideways for a few days. Volume is decreasing and some key levels are going to be tested soon.
Bullish:
- Daily candle closing above December lows for 3 days in a row
- Ascending triangle pattern
The target would be at the 61,8% fib level which coincides with the 200 DMA. A big resistance will be met at that level.
Bearish:
- A death cross has recently happened
- The stock market has been flooded with USD by the FED, artificially inflating the stock market and starting a new "bull market" (technically defined as a 20% increase). The situation seems unsustainable and a big red dildo may be expected in the coming days. Lately BTC has been highly correlated to the stock market.
- Whether is an Adam and Eve pattern, a rising wedge or a bear flag, it seems that BTC may break to the downside.
The target would be at a high volume zone around 5300, and above the 200 WMA.