As I shared in my last update on $BTC, $BTC ran up without testing some key levels as support and needed to correct down to $46k-48k before it would be able to move higher. Now that that scenario played out
I think BTC should snap back to the $57k-$61k levels in January and confirm those levels as resistance before it rolls over and ultimately tests at least one of the $30k target(s) on the chart.
However, before I analyze any lower targets and timeframe for that, I want to see some of these upper levels get hit. If BTC moves higher here like I think it will, then it should also provide a short term bounce in the market for alts.
Personally, I'm staying cautious and am not taking any long term positions here, only trades.
Happy holidays.
I think the same thing needs to happen on the upside. BTC needs to now confirm some levels as resistance before it falls further (IMO). I think BTC should snap back to the $57k-$61k levels in January and confirm those levels as resistance before it rolls over and ultimately tests at least one of the $30k target(s) on the chart.
However, before I analyze any lower targets and timeframe for that, I want to see some of these upper levels get hit. If BTC moves higher here like I think it will, then it should also provide a short term bounce in the market for alts.
Personally, I'm staying cautious and am not taking any long term positions here, only trades.
Happy holidays.
Comment:
If BTC can break $52k I'll feel more confident in the move higher, but until then, I lean towards the possibility of a move down first.
I could see the possibility of a move lower somewhere between $39-42k. Should it play out, I think that would be the short term bottom, and then the move should resume to the levels above on the chart.
Will just watch and see what happens from here.