BTC right now is in a mode where a retracement seems technically reasonable. MACD is having a cross in the daily timeframe. Volume is not sufficient to drive the price action up. Spot buying is lagging behind futures market, and this situation is usually followed by bearish price action. However, there are some positive things to expand on. We are going to witness golden crosses between EMA50 & EMA100 and MA50 & MA100. This phenomenon is not ALWAYS followed by price action, but it exudes a positive vibe. If the golden cross is not followed by bullish price action, it will eventually with some delay, according to my experience. Understandably, the market is now controlled by market makers more than retail money. Smart money usually shakes out the dumb money, and this is significant to keep in mind. There is a slim possibility of a reversal to the upside, and it all comes down to the current candle's closing manner. To compound the situation further, the TOTAL CRYPTO CAP is struggling with a resistance level right now, and that's why we see that major alts cannot rally in a resounding fashion. My personal bias is for a retracement towards the 41K-42K region. That region could seal the fate. Be patient and take care.
I would appreciate your support if you liked the analysis. Thanks.
I would appreciate your support if you liked the analysis. Thanks.