BTC is in a downtrend daily channel, BUT the weekly channel is still in the uptrend, however there's one caveat, BTC is approaching the bottom of it's weekly parallel channel.
Vector with which BTC is planning to escape it's current S/R channel is very murky.
In the short term, I think BTC will test 41K, then down to 39.5K
If BTC breaks below S/R Daily, next major Support (Daily) is around 33K, or the bottom of the weekly channel.
Personally I think Bulls should sit on their hands until BTC retests 33K, which isn't a farfetched target, we've seen it on January 24th.
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
❤️ If you enjoy my ideas, Please like/comment, it means a lot, Thank You! ❤️
Vector with which BTC is planning to escape it's current S/R channel is very murky.
In the short term, I think BTC will test 41K, then down to 39.5K
If BTC breaks below S/R Daily, next major Support (Daily) is around 33K, or the bottom of the weekly channel.
Personally I think Bulls should sit on their hands until BTC retests 33K, which isn't a farfetched target, we've seen it on January 24th.
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
❤️ If you enjoy my ideas, Please like/comment, it means a lot, Thank You! ❤️
