History tends to repeat itself and this correction at the start of a new year is nothing new for the crypto market. I believe that BTC will dip even further, retracing to .236 fib level... especially with future contract expiring tomorrow. We are currently trending on the .382 fib level but I do not believe this level will hold out. There is strong selling pressure for BTC and it does not seem to be letting up. MACD line is still trending down, it has not even curved up at all indicating a bearish market is continuing. I do believe that BTC will dip to around 8k range where it will have support and bounce back from there. The first blue line depicting that BTC will runup from this dip also a potential path that BTC can take but I strongly believe that it has another leg down before the storm settles. Holding FIAT seems to be the best way around this correction but I'm sure many are already at such a big loss that converting to fiat is no longer a viable option. Regardless, I expect to see a slow recovery from this bearish market that can potentially take until February. Happy investing all!
This is not investment advice, it is just my take on BTC's chart.
This is not investment advice, it is just my take on BTC's chart.
Rising wedge on a down trend along with volume diminishing and RSI indicating a potential trend reversal. I do not believe we are in the clear! This recovery seems like a deadcat bounce. The next 12 hours will be critical for BTC. I hope that the market does rise beyond the wedge but I am doubtful that it will. I will be keeping a close watch on BTC's movement today.