BTC move is coming soon
Happy Valentines Day to everyone and lets hope BTC won't fuck us all tonight =)
This cycles analysis was made 4 days ago and I published it in Twitter and Telegram. According to it, today or tomorrow Bitcoin should start a new mini cycle. Previously it was a period of growth. What will be now, hard to say, as BTC been forming a for some time and the most probable way out if it is down. But since Bitcoin is not a usual currency, it often does the opposite of what people expect it to do. I won't be surprised of any future move.
BTC is still within an uptrend and so I expect price to grow today. Even if there will be a dump, it will need some liquidity from 10300 at least. But if you want to short, take a look at 11th February and think twice (have SL). If it will pump, most probably 10550 won't stop it this time and it will grow higher, just like it did on 11th. If dump, my targets for long entries are 9600 - 9850. Not shorting BTC in uptrend for sure.
Yesterday forecasted BTC will test 10300 and it hit 10400. Cycles analysis expected new stage to start within 14-16 February, and I am still in anticipation of it. So far bulls picked up every dip at lower trendline. Now we can see volume falling again, and price getting close to the same trendline - so either bulls will pick up that dip again and push higher with increasing volume, or trendline will be broken, and lower support zones come into play. Watch the volume - it will support the direction of future move. Sorry, but no certainty here.
Expect BTC to bounce today. The lower it will be rejected, the further down it will retrace. Something tells me that we may see price below 9k as well.
First bounce after the dump wasn't that big as I expected, as it was rejected from the nearest resistance zone. Now it is under a question, if there will be another attempt. Volume drops towards the next sharp move that should happen on 24-25th of February (according to cycles theory). Now market posses too many risks. The only risk free position can be taken now is wait for the dips. If week candle close below 9600, BTC will become mid term bearish (already is at lower timeframes, but that will finalize the process). Targets for retracement will be BTC 8900 - 8700 - 8300. If another pump will happen, nearest untouched resistance is at 9940 - 10095.