Even though we fell through the 46.5k support, we could go either way here within this channel.
I say that because since the last dip, BTC hasn't rallied to the the top of the channel as of yet.
If this remains to be the case and we revisit the bottom of the channel back to back, then that would be a very bearish sign and I expect the bottom of the channel to break.
As I mentioned yesterday, even if we get back up to the top of the channel and don't manage to break out to the upside, I expect BTC to break to the downside.
We have been in this area below 52k for some time now and havenot been able to find enough buy power, which leads me to think that a lot of smart money is waiting at the lower levels between 42k and 37k.
Taxes and other factors would also align with that, and therefore in my opinion we will not see any real rallie and higher lows before mid-late january.
This would also align with my outlook on the largr time frames (see my previous posts)
All in all I'm still extremely bullish for the mid/long-term, but as far as short-term goes i think wewill still go a bit lower before we really start rallying.
I say that because since the last dip, BTC hasn't rallied to the the top of the channel as of yet.
If this remains to be the case and we revisit the bottom of the channel back to back, then that would be a very bearish sign and I expect the bottom of the channel to break.
As I mentioned yesterday, even if we get back up to the top of the channel and don't manage to break out to the upside, I expect BTC to break to the downside.
We have been in this area below 52k for some time now and havenot been able to find enough buy power, which leads me to think that a lot of smart money is waiting at the lower levels between 42k and 37k.
Taxes and other factors would also align with that, and therefore in my opinion we will not see any real rallie and higher lows before mid-late january.
This would also align with my outlook on the largr time frames (see my previous posts)
All in all I'm still extremely bullish for the mid/long-term, but as far as short-term goes i think wewill still go a bit lower before we really start rallying.