With sell side pressure falling apart we have a short term rally and a target we need to be watching (see chart). That cloud on the weekly needs to be validated by the end of February. It will be validated by a close above it. We don’t foresee a V bottom bounce straight up to be sustainable after such a sizable drop, but in Bitcoin anything is possible. This is what we are watching. We want a close above that cloud on the weekly at any point throughout the next two months. On the flipside a close below the cloud is a sign that we are going to the $20K’s.
