BTC
Another strong week, and Bitcoin finally hit the major weekly level at 9400-9500. We are now at a place where erring on the side of caution may be wise. It is a huge pivot on both the weekly and monthly charts. It is of course, always possible that Bitcoin continues doing its thing, but after a very strong January (+30%), there is a good chance that we may see things cool down for a little. With that said, the trend is still very much up. If the market does give a pullback, where might be a logical pivot? Given the amount of time we have been ranging around these levels, and the increasing open interest on futures, the forthcoming move, whether up or down, is likely to be explosive.
Another strong week, and Bitcoin finally hit the major weekly level at 9400-9500. We are now at a place where erring on the side of caution may be wise. It is a huge pivot on both the weekly and monthly charts. It is of course, always possible that Bitcoin continues doing its thing, but after a very strong January (+30%), there is a good chance that we may see things cool down for a little. With that said, the trend is still very much up. If the market does give a pullback, where might be a logical pivot? Given the amount of time we have been ranging around these levels, and the increasing open interest on futures, the forthcoming move, whether up or down, is likely to be explosive.
If there were a move price move downwards, it’s unlikely go under 8500 for an extended period of time in order for us to say that things are remaining bullish. Levels between 8800-900 have some confluence, but if 9200 were to finally crack, it doesn’t seem too likely that things would stop a few percent lower. Another interesting area is around 8500-8600. This is the level where it looked like price was breaking down originally before finally starting the current leg of this rally.
-Kevin
As always, trade at your own risk. Consider this just part of your research.
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