We've been trading in an upward channel for roughly 42 days now.
We're now approaching the .618 fib level of the last peak which is roughly $8k, which lines up with our longterm resistance zone as well. I wouldnt be surprised to see a move up to there before a pullback, but keep in mind we could trade up to the upper end of the channel as well considering it's still in our red resistance zone. Regardless, these are my short zones.
Traditional markets continue to rally upward.
You can see the correlation between BTC and S&P with regards to price action.
BTC broke down for an approximate 50% immediately following Trump's speech of a total shutdown, causing the S&P and other traditional markets to plummet down as well.
At this very moment although we had a breakout to the upside you can see possible rejection forming. We'll see if it continues to display signs of exhaustion or if we actually break further up.
Move up to 8.3k region is still in the cards for now.
I am pretty skeptical of new highs with regards to traditional markets. I'm anticipating another leg down in which I would expect the major move for BTC as well, likely to the downside for now and doesn't necessarily have to happen right now this instant.
We're now approaching the .618 fib level of the last peak which is roughly $8k, which lines up with our longterm resistance zone as well. I wouldnt be surprised to see a move up to there before a pullback, but keep in mind we could trade up to the upper end of the channel as well considering it's still in our red resistance zone. Regardless, these are my short zones.
Traditional markets continue to rally upward.
You can see the correlation between BTC and S&P with regards to price action.
BTC broke down for an approximate 50% immediately following Trump's speech of a total shutdown, causing the S&P and other traditional markets to plummet down as well.
At this very moment although we had a breakout to the upside you can see possible rejection forming. We'll see if it continues to display signs of exhaustion or if we actually break further up.
Move up to 8.3k region is still in the cards for now.
I am pretty skeptical of new highs with regards to traditional markets. I'm anticipating another leg down in which I would expect the major move for BTC as well, likely to the downside for now and doesn't necessarily have to happen right now this instant.