Bitcoin is currently at a very important Decision Area (44,000). How it handles this level will be very telling of what is likely to come in the near future. This is a prior Support turned Resistance. If we can stay above it, I see a good chance that we get to a new All Time High. If it struggles here and stays in a range, however... we will likely see a much deeper drop in Bitcoin and a long Bear winter season.
A possible Bullish sign... Today, Bitcoin started to show a little decoupling (detachment) from the Stock Market today as it moved up while the Stock Market fell. Whether or not this will be a trend or just a temporary thing remains to be seen. It is possible that just like in the summer, all of the Bitcoin paper hands have been shaken out and all the Bitcoin diamond hands have come in to grab all the Bitcoin at their desired price. If so, then that may be the turnaround needed for a continuation to a new All Time High. Will be watching...
disagree with the level 44k. check the weekly candles 39-40k is the support turned resistance and head and shoulder break line it reclaimed. as long as it retest and holds above that it's fine. losing 44k would be fine to retest 40k. but loose that again and it looks like 30k in the cards
TraderFromTheNorth
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@oscarg03, Thanks for sharing your thoughts. I don't disagree with the 40k Level being important as a floor. I published a chart last month outlining that level. However, we have since broken below that level. So in order for me to feel confidence that Bitcoin will continue up, I'll need to see it break above the 44k level and stay above it. At this current time, I don't believe it is for sure going up yet if it cannot break above 44k. May range sideways and take a dip lower. If anything, it sounds like you actually agree with me. Here is the chart I published previously outlining that 40k level:
louistran_016
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@TraderFromTheNorth, it's overbought at 44k so of course it cannot stay above 44k for the moment. A retest of 40k is extremely healthy and allows bulls who missed the first bounce to jump in and establish long term positions. Range bounce between 37 - 44 seems to be the most likely scenario in Feb
pluckyProfile30951
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@TraderFromTheNorth, @louistran_016, I think BTC will move with the FED. It is becoming more clear that a rate hike may not possible right now without inflicting a ton of pain in the markets. I highly doubt the FED reaches their hinted 4 rate hikes in 2022. If we hold the current support marked above, a lack of rate hike in March will lead to a retest of 64K.