As we can see BTCUSD is getting weaker and weaker (lower highs near this support = 45K ) Red path : and when market create lower high near one support that means that market is getting ready to break support and created lower low too. so 45000$ can easily break and we would expect at least 41000$ for our first target of falling scenario .
Green path : But we should consider this that if this local resistance and trendline break : price go above 48000 once again and retest complete then we can expect bull market and target would be 51500$ at least
Blue path :previous analysis here is previous analysis that we expect BTCUSD break channel high and created new high and this analysis is update of that too :
<<Traders comment below and let me know your thinking about this analysis even simple ((agree)),((not sure))>>
this time share your idea about it and lets discuss about it (my opinion is Red path (70% sure ) for now but we can expect some more bull candle before falling ,Green path as you can see )
With TA of ETH & BTC both getting rejected at most recent levels of support, Low volume, big gaps in price action on previous way up, and stocks seeing a pullback. Help form IMO- BTC testing 41-42k support & ETH testing 1250-1.3k. Possible these supports are not held and then BTC could head to 30k and Ethereum 800. Waiting for support before buying any long position.
MMBTtrader
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@j_bones, interesting and yup those targets are possible
CyberTurtle
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@j_bones, i believe btc will skyrocket to the moon, but not without first dropping to 3k. ;)
floppinggroperw
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@CyberTurtle, Support is way to strong in the 38k-41K range, which would put is in the the healthy 35% pullback ballpark. That largest pullback in the last bull market was approx 40%. This parabolic bull run has several more months and will very likely reach the $140-260k ballpark
johncreep81
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@CyberTurtle 3k? That’s not possible anymore.. I strong believe the limit is 47k as although it may hold at this point for a long while, it still heading to over 100k before the end of this year
KattyCake
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I believe the first week of March it’s gonna hit 41k, that’s been my bet for a few weeks now, hopefully it will turn bullish again after 41k
@KattyCake unfortunately I don’t agree with that idea, I’ve got my financial advisor and brokers saying it going to be around 63k point in the first week of March
KattyCake
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@johncreep81, I hope they are right and that I am wrong..... My guess is that it will bounce off 41/42 and take off from there to a new ath. However an upward trend from there I only think for two reasons. 1. I think there will be support at 41, and 2. I suspect stimulus $ will go quickly into crypto and drive it up fast. So maybe both are right. I do not think it will stay down long but I do believe the downward trend will continue. All that said, I have no idea what I am talking about..... It will be fun to see :)
TheTradersAvenue
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Good analysis bro, I believe it makes good buy entry if it goes to 41000