If we analyze the Monthly Bitcoin chart, we can see the first fibonacci target has been blasted through. However the Monthly Candle is now hovering below the target. With still a week remaining of January, it will be very interesting to see if the Monthly close remains below the fib level. Unless the bulls decide to step back up, the outlook is very bearish - especially when you see the size of the rejection candle.
We may get a 50% retracement of the pin bar. At this point, we may get to see who is in control of the market - bulls or bears. For me, it is looking like profit taking time for the Big Money and they will look to buy more at the cheaper prices below. Why would they buy at 30k, when they can buy at 12-13k and attract retail money to the buy party also?
I notice from posting on TradingView, people only want to hear bullish arguments to get excited for a million dollar bitcoin and many HODLers get uncomfortable with the thought of a huge crash! With crypto anything is possible and if the candles start printing bullish signals again, then I will happily jump on the trend without hesitation.
Always nice to view the charts from a few different perspectives. Hope this has been of some value
Still a few days for the candle close, so anything could happen yet! The market is displaying an almost identical pattern to the rise and fall back in 2018 so worth being aware of this.