BTC - One more drop by end of January?
I'm not convinced that there isn't going to be another leg down on BTC & Alts. The latest "bull" trend on lower timeframes just doesn't seem to have the momentum to break through the downtrend and smells of another bear flag drop being eminent.
On 1W timeframe, BTC *is* in an active Bull Cypher pattern, but this pattern could easily retrace bearish closer to the stoploss level of 10957 before heading to the Cypher pt1, or could hit the stop and continue lower--possibly ~4k range if that happens.
Using the bear flagpole measurement based from the last big drop in Nov, the price would still fall above the Bull Cypher's stoploss and could give it the bounce it needs to break upward. By mid to end of Jan we'll find out the answer, trade carefully.
On 1W timeframe, BTC *is* in an active Bull Cypher pattern, but this pattern could easily retrace bearish closer to the stoploss level of 10957 before heading to the Cypher pt1, or could hit the stop and continue lower--possibly ~4k range if that happens.
Using the bear flagpole measurement based from the last big drop in Nov, the price would still fall above the Bull Cypher's stoploss and could give it the bounce it needs to break upward. By mid to end of Jan we'll find out the answer, trade carefully.
The YM1 2W bear cypher has already reached pt1 and is currently in bullish retracement moving toward the stoploss level--which would form the "blow-off" top prior to the big drop.