Where to now for BTC? full analysis
BTC broke a major 7 month trend line, the beginning of a major sell off, many are still calling for 100k eoy but here are my 2 cents.
With india rumoured to begin mass regulation of crypto currency, the fed tapering and with the beginning of the omricon variant, i find it extremely hard to be bullish during this time, whilst i am no bear, i do not look at the chart and see a parabolic rally being prepared, mainly because whales do not have the ability to manipulate a 2 trillion dollar market cap in the event that we do see a 100k btc rally, furthermore with the entire market calling for 100k btc we wont have any bag holders around the 70k + range especially if those buying at 80-90-100k know that will be the top for the market.
The next few days will remain crucial for btc, with support around the 44k range and a 48k resistance, this must hold or max payne could result in a drop below the 40k range, given the position of the rsi we may be able to rally to 52k which i believe will become our newly placed resistance for at least a few days with a close above for the new year around approximately 52-60k, depending on market sentiment.
Long term, i cannot comfortably say whether or not i believe the market has topped for this cycle, as many things are uncertain, from an economic stand point the fed will be fully tapered around approximately June which should show us priced in for a heavy bear market from march onwards.
Regardless of the circumstances i will continue to accumulate as i suggest everyone else should, you will never lose through dollar cost averaging.
Happy trading and have a good weekend. :)
With india rumoured to begin mass regulation of crypto currency, the fed tapering and with the beginning of the omricon variant, i find it extremely hard to be bullish during this time, whilst i am no bear, i do not look at the chart and see a parabolic rally being prepared, mainly because whales do not have the ability to manipulate a 2 trillion dollar market cap in the event that we do see a 100k btc rally, furthermore with the entire market calling for 100k btc we wont have any bag holders around the 70k + range especially if those buying at 80-90-100k know that will be the top for the market.
The next few days will remain crucial for btc, with support around the 44k range and a 48k resistance, this must hold or max payne could result in a drop below the 40k range, given the position of the rsi we may be able to rally to 52k which i believe will become our newly placed resistance for at least a few days with a close above for the new year around approximately 52-60k, depending on market sentiment.
Long term, i cannot comfortably say whether or not i believe the market has topped for this cycle, as many things are uncertain, from an economic stand point the fed will be fully tapered around approximately June which should show us priced in for a heavy bear market from march onwards.
Regardless of the circumstances i will continue to accumulate as i suggest everyone else should, you will never lose through dollar cost averaging.
Happy trading and have a good weekend. :)
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