Insights

The Great Bitcoin Dip

A little dramatic, but a good title to capture the sentiment of a market who has seen a 40% correction from ATH. While this is being written BTC is fighting for it’s life. It must hold the 43K line and close the weekly above it. We start today with a fresh outlook on what is to come over the next 2 weeks. If we have broken $43K all bets are off and $40K will be the only thing standing in the way of $30K BTC. If we have held onto $43K and are currently above here is what we can expect. 

First we look at the weekly and we see a positive trend Pushing us forward into February. 

The ichimoku cloud (the green blob looking thing) is going to provide some upward support and keep BTC on an upward trajectory into February. 

On the daily however this chart shows that this battle ain’t over yet. 

Conversely to the weekly we have a thick red ichimoku cloud that will provide downward resistance over the next few days. 

Ultimately we are at the whims of the whales right now. Retail is in a stalemate and one big whale could break the tie with one significant trade.

Leave a Reply

Your email address will not be published.