BTC at a crossroads
As I start to zoom both in and out a little on BTC and alts, I notice that there indeed looks to be a crossroads possible over the next few days.
As BTC starts to break out of a downward channel, but with no push behind it even after a stimulus bill passing in the senate, it looks like over the next three days, there is a good chance for a fizzle out to rise slightly (potentially looking like a fake out) and getting strong push back near 51K or fizzle out here, causing a push back down to around 44K, such that if 44K doesn't hold, there indeed is the chance of hitting the .618 Fibonacci near 40K for which I anticipate some very strong support (and leading to that ABC correction so many are looking for). After which however looks to be a good opportunity for BTC to get a push back up in about a week to continue on a trend upward.
Hence I think we are much in a "no trade" zone until we either break to the positive soon or see if lower support starts to hold. Curious on others thoughts if this indeed looks like no tell-tale sign in any direction for a while.
That being said, there is also lots of news on the horizon with potential bounces in stocks and stimulus bills on the rise, so lots of possibilities, but the patterns and trends just aren't showing much yet from what I can tell.
As BTC starts to break out of a downward channel, but with no push behind it even after a stimulus bill passing in the senate, it looks like over the next three days, there is a good chance for a fizzle out to rise slightly (potentially looking like a fake out) and getting strong push back near 51K or fizzle out here, causing a push back down to around 44K, such that if 44K doesn't hold, there indeed is the chance of hitting the .618 Fibonacci near 40K for which I anticipate some very strong support (and leading to that ABC correction so many are looking for). After which however looks to be a good opportunity for BTC to get a push back up in about a week to continue on a trend upward.
Hence I think we are much in a "no trade" zone until we either break to the positive soon or see if lower support starts to hold. Curious on others thoughts if this indeed looks like no tell-tale sign in any direction for a while.
That being said, there is also lots of news on the horizon with potential bounces in stocks and stimulus bills on the rise, so lots of possibilities, but the patterns and trends just aren't showing much yet from what I can tell.
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