Bitcoin is at a pivotal level for price, and indicators show a move is incoming. Nationally, overbought conditions and other fundamentals make a bull market or at least a substantial dip likely. Global economics has people seeking safe havens from fiat currency. Other top tokens (including EVM tokens, perhaps not Ethereum) should follow suit closely with BTC.
[h1]Analysis[/h1]
What The Chart Says
We're having heavy resistance at current levels ~60k
Price/Volume Divergence: From Oct-Jan price & volume were in sync for the bull run. After this we've seen three noticeable divergences, all of which indicated a trend reversal soon afterwards.
I've outlined two scenarios, again, depending on other conditions in the next days/months one, both, or part of each may play out—again, a dip is likely before we enter a new price discovery zone—but either way the long-term outlook is bearish.
I don't expect the low volume we're having to push us above new ATH aside from shaking out long positions.
I think it's likely we're entering Phase E of a Wyckoff accumulation, and will see a price at or near the ATH before lows close to Q4 2020
If the bearish scenario plays out, we have a large buy zone, the price went up so fast Q4 2020 that there's virtually no volume between 20k-34k
*** Wait for confirmation before entry!!! ***
[h2]Bullish Analysis[/h2]
Entry: 66.8k
Stop-Loss: 62.8k
Conservative Take Profit: 72.4k
Take Profit: 112k + --> Price Discovery Phase
[h2]Bearish Analysis[/h2]
Short Entry: 53.9k
Stop-Loss: 58.6k
Buy Zone: $20-30k depending on conditions. A close below 24k would indicate lower buying ~20k zone, strong buy volume and sharp resistance at any level in this zone should be seen as an attempted buy zone.
NOTE: This is not financial advice. I am just sharing my outlook with you.