Watching BTC very closely here. I'm not really expecting a whole lot of upside in the short term but I do expect some.
What I would really like to see is BTC making a new high while equities (SPX) making lower highs. That would be the divergence that is needed to see a bigger drop. Depending on where we top out will make a determination on where we pull back to. I'm eyeing this 50% internal retracement zone on or around April 20th. That's a half-cycle from the time cycles that I've identified so far.
It's very premature to determine that we're in an ending diagonal but it's a possible scenario right now that I'm starting to forecast and like. We've still got significant resistance above us going up to the 27500 area. I'm not so sure we'll get there just quite yet. Time will tell. I really want that divergence so I can sell what I have and buy it back in April.
One day at a time. Not really forecasting any good trades right now because there aren't many. Indicators look oversold but we're topping out on higher timeframes so be cautious and preserve capital.
What I would really like to see is BTC making a new high while equities (SPX) making lower highs. That would be the divergence that is needed to see a bigger drop. Depending on where we top out will make a determination on where we pull back to. I'm eyeing this 50% internal retracement zone on or around April 20th. That's a half-cycle from the time cycles that I've identified so far.
It's very premature to determine that we're in an ending diagonal but it's a possible scenario right now that I'm starting to forecast and like. We've still got significant resistance above us going up to the 27500 area. I'm not so sure we'll get there just quite yet. Time will tell. I really want that divergence so I can sell what I have and buy it back in April.
One day at a time. Not really forecasting any good trades right now because there aren't many. Indicators look oversold but we're topping out on higher timeframes so be cautious and preserve capital.