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Hi guys, FX Professor here. We're diving into Bitcoin's current state, observing its sideways movement and its encouraging resistance to falling back into the previous channel. This suggests a potential rebound at the current level.
As we stand, the level we're at now acts as support. My personal strategy is to go long, but with caution. Should Bitcoin drop below 41,350, vigilance is key due to the potential of descending towards the 39,000 to 40,000 range, and even 38,500 where it would need to retest channel-end support.
Regarding predictions, I assign a 20-25% chance of a deeper channel dive. However, there's a good 50% likelihood that the market will rally today, pushing the price higher despite the FUD surrounding Congress's crypto discussions. The ETF rumors, if they materialize as news, especially by January, could catalyze a significant Bitcoin pump.
Our target remains at an ascending 46,000 level. However, given our current position, significantly above the 20,000 to 37,000 range, we must stay alert for a possible correction. The odds are evenly split, but I lean towards a price recovery today. I'll also be sharing some altcoin charts, as their narratives differ significantly from Bitcoin's.
Bitcoin's resilience, failing to break lower and holding above the psychological 41,500 support, hints at a potential ascent. Our initial targets are 44,300 and 45,000, the latter being a crucial point for a potential breakout.
It's crucial to be extra cautious as we approach major resistance levels. Our ongoing strategy involves looking for new entry points during dips, a practice we're applying in the current scenario.
I'm revising my earlier prognosis from a 50% to a 60% chance of a rise today, based on the current solid and improving trends. Conversely, I'm reducing the likelihood of hitting the channel's lower end to 10-15%.
In conclusion, while we must remain adaptable, our analysis remains consistent. Bitcoin seems poised for a rebound, likely leading some altcoins in its wake. Key to this growth is Bitcoin maintaining its current levels, with a 60% chance of reaching 44,000 before any drop to 40,000 or lower.
One Love,
The FXPROFESSOR 💙
Hi guys, FX Professor here. We're diving into Bitcoin's current state, observing its sideways movement and its encouraging resistance to falling back into the previous channel. This suggests a potential rebound at the current level.
As we stand, the level we're at now acts as support. My personal strategy is to go long, but with caution. Should Bitcoin drop below 41,350, vigilance is key due to the potential of descending towards the 39,000 to 40,000 range, and even 38,500 where it would need to retest channel-end support.
Regarding predictions, I assign a 20-25% chance of a deeper channel dive. However, there's a good 50% likelihood that the market will rally today, pushing the price higher despite the FUD surrounding Congress's crypto discussions. The ETF rumors, if they materialize as news, especially by January, could catalyze a significant Bitcoin pump.
Our target remains at an ascending 46,000 level. However, given our current position, significantly above the 20,000 to 37,000 range, we must stay alert for a possible correction. The odds are evenly split, but I lean towards a price recovery today. I'll also be sharing some altcoin charts, as their narratives differ significantly from Bitcoin's.
Bitcoin's resilience, failing to break lower and holding above the psychological 41,500 support, hints at a potential ascent. Our initial targets are 44,300 and 45,000, the latter being a crucial point for a potential breakout.
It's crucial to be extra cautious as we approach major resistance levels. Our ongoing strategy involves looking for new entry points during dips, a practice we're applying in the current scenario.
I'm revising my earlier prognosis from a 50% to a 60% chance of a rise today, based on the current solid and improving trends. Conversely, I'm reducing the likelihood of hitting the channel's lower end to 10-15%.
In conclusion, while we must remain adaptable, our analysis remains consistent. Bitcoin seems poised for a rebound, likely leading some altcoins in its wake. Key to this growth is Bitcoin maintaining its current levels, with a 60% chance of reaching 44,000 before any drop to 40,000 or lower.
One Love,
The FXPROFESSOR 💙
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