BTC Broken Short Term Downtrend, Onward to $14k!
On the 4 hour charts, BTC has finally broken the shorter term downtrend! If it doesn't fall through the $11k support, we will be headed towards $14k and push at the longer term downtrend. On the TD Sequential count, we should have 2 more bars on the 4 hour chart to move up wards, then it should fall towards the $11k resistance.
As you guys may or may not know the CME futures expired yesterday and will be settled on Jan 31. A lot of bears shorted BTC before the closing bell due to the
XEMBTC
hack and stolen funds of over $450 million USD on the Japanese exchange Coincheck. As the trend continues upwards these bears will be in for a lot of trouble, but it does make me wonder if there will be manipulation for downward pressure before the settlement on Jan 31. Is this market still capable of manipulating Bitcoin to that extent? I'm not sure, I'm just rambling.
Key Takeaways:
As you guys may or may not know the CME futures expired yesterday and will be settled on Jan 31. A lot of bears shorted BTC before the closing bell due to the
XEMBTC
hack and stolen funds of over $450 million USD on the Japanese exchange Coincheck. As the trend continues upwards these bears will be in for a lot of trouble, but it does make me wonder if there will be manipulation for downward pressure before the settlement on Jan 31. Is this market still capable of manipulating Bitcoin to that extent? I'm not sure, I'm just rambling. Key Takeaways:
- New support $11k
- Resistance at $14k (longer term downtrend line)
- Next ~8 hours should still push upwards
- CME futures settlement on Jan 31. Lots of bears shorted, will market turn downwards closer to the Jan 31? Or will all these bears be doomed?
Comment:
This trade setup is still valid, if the $11k support holds, we will be seeing an uptrend by the end latter half of the week.