A lot of people are shouting that this will continue all the way to sub-7000 levels, but I just don't see that happening. If it did happen, then we'd have a crash on our hands and people would be losing a lot of confidence in crypto. It would take the better part of a year to recover from that. I think with the state of the global economy as it is, and with all the FUD and FOMO being spread in cycles through mainstream media and Old Guard financial magnates, it is far more in their favor to hold this price. The vast amount of BTC owned by individuals hasn't actually moved much since the correction began, which means smart money is HODLing, and all these recent vaporware pumps such as Ripple and Tron have served as another mechanism for the big players to shake assets from small fish and early adopters.
I think we're going to consolidate around this new low for a time as confidence returns to the market and the mainstream media FOMO cycle begins.
The vertical line on this chart is special to me and a few other viewers. Are you deep in the "woo?"
Clif High's web bots project February 15th to be the last time we may see the BTC price 13,888 and from there into March, we'll quickly climb into the 100k range before a retracement of nearly 40%.
Also shoutout to my buddy Z, AlanMasters, Jsnip and Traderjoe for insightful T.A.
I'll do more as the day unfolds.
It's on the 15 minute chart so it's not the strongest indication, but I find these divergence patterns work out quite often.
That said, I see something of a falling wedge on the 21 and 343 min time frames. The smaller time frame has just left overbought territory, but the larger time frame is oversold. Therefore on a longer time frame we could see a relatively powerful bounce.
Look how solid the top edge of that Ichimoku cloud is. That's usually a good sign for an edge-to-edge cloud break.