I'm still bullish on the macro but lets look at the facts
Price broke the daily trend, signifying change of trend. After the drop on the 4th December price has so far not bounced to .5 - .618 and measured fib target for continuation from the bounce is as low as 38-39k..
Daily death cross pending in the coming days/weeks unless price reclaims 52k, average drop from a daily DC to bottom is between 20-25% also in the 38-39k zone.
Valid major trend support coming in around the low 40k zone.
If price breaks below 45k on a medium time closing basis, I expect we'll see the wick fill and maybe even a drop into the 38-40k for a big bounce.
If price continues to hold above 45 we should bounce higher to the .6 - .618 of the daily trend break target which could just lead to a deadcat bounce and bull trap.. or a new trend forming to retest the highs..
Personally I''m neutral and holding stablecoins until the new direction is clearer.
Price broke the daily trend, signifying change of trend. After the drop on the 4th December price has so far not bounced to .5 - .618 and measured fib target for continuation from the bounce is as low as 38-39k..
Daily death cross pending in the coming days/weeks unless price reclaims 52k, average drop from a daily DC to bottom is between 20-25% also in the 38-39k zone.
Valid major trend support coming in around the low 40k zone.
If price breaks below 45k on a medium time closing basis, I expect we'll see the wick fill and maybe even a drop into the 38-40k for a big bounce.
If price continues to hold above 45 we should bounce higher to the .6 - .618 of the daily trend break target which could just lead to a deadcat bounce and bull trap.. or a new trend forming to retest the highs..
Personally I''m neutral and holding stablecoins until the new direction is clearer.