BTCUSDT has turned neutral for now. There is still bearish sentiments, as some news sources have pointed there are people waiting to hunt 30k.
For now, it is going it is in distribution phase according to the Wyckoff study, and it will form a tighter smaller triangle up here.
There is a possibility of a break up from this smaller triangle, but it could be a fake break out and may contest downwards to the recent local high in this markup phase.
There is possibility in this phase, and after this phase, there could very well be new higher targets and it will shoot upwards.
Watch out for a break below 34k into the 33-31k, as this would turn it a little bearish for a little while longer.
My personal outlook:
RSI on the weekly is showing this is the worst of the crash and within 2-3 weeks we should very well be on a steady path upwards. So, wait for smaller triangle breakout.
Bullish past 44k.
Bearish below 34k.
I am currently long on my position.
For now, it is going it is in distribution phase according to the Wyckoff study, and it will form a tighter smaller triangle up here.
There is a possibility of a break up from this smaller triangle, but it could be a fake break out and may contest downwards to the recent local high in this markup phase.
There is possibility in this phase, and after this phase, there could very well be new higher targets and it will shoot upwards.
Watch out for a break below 34k into the 33-31k, as this would turn it a little bearish for a little while longer.
My personal outlook:
RSI on the weekly is showing this is the worst of the crash and within 2-3 weeks we should very well be on a steady path upwards. So, wait for smaller triangle breakout.
Bullish past 44k.
Bearish below 34k.
I am currently long on my position.