After ending the 2019 with a 189.41% in profit, we are back with another breakdown of BTC:USD.
As you may know during the Festive Period of the year starting it off with Christmas, followed by the NYE - the markets tend to be at a standstill, and pretty much the same story goes to all the other markets - FX Market, Stock market... you name it. This is due to majority of the banks and institutional traders taking a Christmas break, thus we are being left with no liquidity and a choppy market. However this shouldn't be anything to worry about knowing that the Crypto Market is the most volatile market at the moment the Liquidity should kick in a few days and we'll go back to normal.
With this being said we'll keep this update on Monthly and Weekly time-frame only and try to identify long term targets for the year ahead.
Starting it off with the monthly time-frame you can see we're currently in a no mans land - in between two major key levels, day by day coming closer and closer to the 6000 region which I believe it could be the catalyst of this year's upside run.
As you can see we've formed an ascending trend-line which tends to hold since the 2017 bull run and it correlates perfectly with the 6000 level.
Should we keep this momentum we could be seeing a tap of the 6000 region or even extend down to 5500 for a tap of the monthly trend-line which I believe it could trigger the institutional buy orders and thus we'll slowly start swinging to the upside.
On the weekly time-frame we've been consolidating for weeks hence forming a triangle, once the liquidity kicks back into the market we'll should anticipate a break - as of right now nothing is final.
Is highly advisable to not take any margin trades during these market conditions, this is not a gamble and behind every trade there should be a proper analysis and a proper plan to execute. This is investor's sweet spot, use these market to invest rather than margin trade as we might never see these prices again - This is once-in-a-lifetime opportunity