Hi all,
I would like to share my thoughts about BTC. For mid and long-term, I still think that BTC would go higher to touch $36000s and even $42000s (see my weekly chart in the link below). However in short-term, like many of you (I think), my outlooks are bearish.
As seen in 4H TF chart, BTC's prices have been moving in a descending channel. If $29000 level holds, I expect that BTC would go up to retest $30000-$31000 area, at least. But in the end, BTC would be rejected again and would go to fill the CME gap at around $28100. Then if this price hold well, BTC will comeback to its initial trajectory to $36000.
In my opinion, a wyckoff-based distribution is a possible scenario for short-term period: the red candles are with high quality and dominant to the green ones.
I would not ignore another scenario where BTC goes straight to $28100 (CME gap) from here without any futher "manipulation". But I lean on the first one.
What are your views for BTC?
In any case, stay safe and good luck!
Comment:
CME gap was filled. Prices are around the Fib 0.236 ($28100).
But the final target is reached. In my opinion, we need to wait some days for better ideas of what would come next