If you go look at the previous signal I've released about BTC (20th of December) I had this major trendline and I had written this:
In a previous TA I stated that worst case scenario would have been 40-41K (current 1 Fib retracement line), I think we're slowly heading there although there could be an intermediate stop around 42.7k and 43k which is the trendline over which BTC has been moving for the last year.
Now we are at the intermediate stop and this could even be the point where the reversal happens. On this aspect at the time of writing, price seems to be piercing the trendiline and 4h binance funding are flirting with the negative side, meaning a further dump is possible, same on the daily. This possibility is confirmed from VLPR which shows very few trades at current price. In such cases is difficult to create strengthen a support zone.
So, if BTC won't stop bleeding here we'll have a mild change of BTC structure and we'll go to 40K. I say mild because it wouldn't change much current trend. It'll just change the angle of the BTC upper trend. I don't wanna touch the possiblity to go lower than 40K because that would be BAD unless people will start selling BTC for alts (bringing back the alt season).
If you wanna long BTC now do it with small positions and do DCA but honestly I'd wait for a confirmed reversal.
Good luck.
In a previous TA I stated that worst case scenario would have been 40-41K (current 1 Fib retracement line), I think we're slowly heading there although there could be an intermediate stop around 42.7k and 43k which is the trendline over which BTC has been moving for the last year.
Now we are at the intermediate stop and this could even be the point where the reversal happens. On this aspect at the time of writing, price seems to be piercing the trendiline and 4h binance funding are flirting with the negative side, meaning a further dump is possible, same on the daily. This possibility is confirmed from VLPR which shows very few trades at current price. In such cases is difficult to create strengthen a support zone.
So, if BTC won't stop bleeding here we'll have a mild change of BTC structure and we'll go to 40K. I say mild because it wouldn't change much current trend. It'll just change the angle of the BTC upper trend. I don't wanna touch the possiblity to go lower than 40K because that would be BAD unless people will start selling BTC for alts (bringing back the alt season).
If you wanna long BTC now do it with small positions and do DCA but honestly I'd wait for a confirmed reversal.
Good luck.
Comment:
Now I'm more prone to think BTC is going to 40K
Comment:
I see multiple bullish DIVs on many indicators and at different timeframes, if the buy orders wall I saw yesterday holds BTC dump can stop in this zone. At least for the moment.
1h:
4h:
1h: