The title is a bit clickbaity, I know, but I just wanted to write some thoughts down.
BTC broke out of the bear channel's top, which is a great sign to support the correction being over. I'd say it's worth to be cautious though, because the RSI is around 70, and the volumes are quite low, which could indicate this breakout being a false breakout. I don't believe this means we'll head down to the bottom of the channel though, the 0.382 fib is likely to be tested though. If it holds, and BTC has enough momentum to get over the 0.5 fib, then I'd say we're out of the correction, and we'll see a more bullish movement. Hopefully the G20 meeting in Mars provides a more positive view on crypto than expected, so the momentum isn't lost.
Meanwhile, I'm to chickenshit to actually be in the market right now due to Tether being an uncertainty for me, but movements like these makes my FOMO clock tick, so that's a good thing for you people on the market atm.
BTC broke out of the bear channel's top, which is a great sign to support the correction being over. I'd say it's worth to be cautious though, because the RSI is around 70, and the volumes are quite low, which could indicate this breakout being a false breakout. I don't believe this means we'll head down to the bottom of the channel though, the 0.382 fib is likely to be tested though. If it holds, and BTC has enough momentum to get over the 0.5 fib, then I'd say we're out of the correction, and we'll see a more bullish movement. Hopefully the G20 meeting in Mars provides a more positive view on crypto than expected, so the momentum isn't lost.
Meanwhile, I'm to chickenshit to actually be in the market right now due to Tether being an uncertainty for me, but movements like these makes my FOMO clock tick, so that's a good thing for you people on the market atm.
Comment:
Seems the breakout was false (Yay, I was right), but we broke below the 0.382 fib. I didn't describe a scenario for breaking below the 0.382 fib, but I'd say I don't expect BTC to go lower than the $9.5-10k area. The RSI fell from 70 to 43, which indicates it has a bit more upside than down. In other words, BTC may continue down, but considering this bull movement from the bottom near $6k to the top at $11.8k, this bounce down is more likely just a tiny correction down to the $9.5-10k area. Or worst case, the 0.236 fib :)
Comment:
I'd say my predicted support held quite well, but I wouldn't rule out going back down there just yet. I do believe we'll try the top of the bear channel once more, soon, but it would make sense for BTC to gather some strength before another attempt.