BTCUSD possible pullback (~$10k) before the next rally ($12k)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
My general sentiment has been bullish for some time (see my previous posts as well as YT video).

Still, I have a feeling that the bulls are exhausted:

  • Many alts have stopped growing for some days
  • We see BTC has bearish divergence in terms of volume
  • $11k is a critical resistance level , as it is the 1.618x of the neckline (I already mentioned it in my previous post)

In this context, I see BTC retesting lower levels in the coming days before eventually rallying to $12k by March.

Comment: Indeed pulled back
Comment: on the hourly, we have seen 12345. let's see if we have completed this correction.

in any case, to say it's going to "2k" is like saying it's going to "-2k" or "-1million".
Comment: Should I start posting it's going to $ZERO$ in order to get more views?

Seems the TV crowd loves sensational posts.
Comment: seems to be a small rising wedge in the <1h time frame.

BTC is probably going to trade in range & accumulate
Comment: may have fallen out of the rising wedge. Will this be the "C" leg of the correction? Or is it just normal range-trading?

10k is possibly the key: if we never touch it, it's just range-trading & accumulation. if we cross 10k, possibly 9.5 will be the bottom of this correction, and it'll take longer to retest 11k
Comment: Appears that the range is indeed above 10k. Probably will break out this week
Comment: Very tiny rising wedge visible only on very-short time frames (5min)

I think 10.5k will be the new, higher low

Decidedly bullish but breakout isn't guaranteed today
Comment: another rising wedge, this time visible on 15min

the market seems determined for breakout
Nice. Thanks for your analysis.
Thanks DrJLT for updates. Interesting that my promising alt coins also have eaten bigger part of btc gains during last few days
Thanks, correct chart is not baby chart we see 2k for bitcoin :D
@DrJLT thanks!
Great job - thank you
You are Perfect,i follow your posts always
+1 Reply
such is life bro
+1 Reply
6k again? NOT AGAIN! PLZ :P
DrJLT leondb
@leondb, of course not, don't believe in the jokers :D
leondb DrJLT
@DrJLT, don't know if you've seen SignalSwiss TA on BTC. They have been quite good. So when they show all the way down I always get scared. lol. But yes, I'm HODLing - besides BitStamp is taking forever to get my verification done (3 weeks now) and I don't want to go to Tether at the moment.
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