Volatility on the weekly has expanded considerably, which coupled with a red week(which we currently have) marks local tops, I expect further downside to 30k, and if it doesn't double bottom, expecting the previous orderblock at 22 to 24k to hit. Btc also tends to backtest the last weekly ath after breaking it, which currently is at 19-20k.
If it indeed plays out like this the dump will probably be over by january 20-25, and expect the uptrend to resume and gradually pump to 41k and then an explosive move up.
If instead it consolidates at 30-36k for the next few days it will probably not dump. The safe play is to wait out the storm. But current market conditions offer great day trades. This idea is invalidated if there's continued movement above 38k.
If it indeed plays out like this the dump will probably be over by january 20-25, and expect the uptrend to resume and gradually pump to 41k and then an explosive move up.
If instead it consolidates at 30-36k for the next few days it will probably not dump. The safe play is to wait out the storm. But current market conditions offer great day trades. This idea is invalidated if there's continued movement above 38k.
Comment:
Didn't expect it to play out prolonged like this, but seems out we will be heading for 28k and then 24k.
