First, I caution anyone to buy into the BTC to $100k hype. Be cautious with your money. There are too many external factors currently at play which can cause further and more violent corrections to the market. At minimum, wait for the FED report on crypto currencies. Then consider the fact we are dealing with rising interest rates, two potential conflicts in Asia and Russia, a continued supply chain crisis, and no indication any additional stimulus will be hitting the retail investors pockets. This is a totally different year compared to 2020 and 2021 and it should be analyzed through a much different lens.
So, let's look at the short term; specifically the 4 hour chart and what this can tell us about what will happen through the end of the month.
At the moment, it looks as if a bull flag is forming and we can see an RSI indicating an overselling of BTC. This could result in an increase of value and my prediction it it will either top at $40k or $44k. The main factor in the differentiation is the hype factor. A $4,000 increase would equal an 11% ROI at current levels and $44,000 of course would provide a 22% return. Not a $100,000 BTC, but anywhere between 11% and 22% in the short term is a lot of money - depending on how much you are investing.
Now (again on the 4 hour), a $40,000/$44,000 BTC level by the end of the month would result in a significant over purchasing of BTC. Which would mean profits will be taken. There is no reason to suggest anyone investing a significant amount of money would not take a 22% return on their investment. At this point expect a sell off, and expect BTC to start being shorted again.
The next step is to look at the descending and widening 4 hour channel. Where will the decline likely lead? The next level to look at is the $30,500 mark. Thiswould be the next good spot to look at purchasing for some decent gains on the 4 hour.
So, let's look at the short term; specifically the 4 hour chart and what this can tell us about what will happen through the end of the month.
At the moment, it looks as if a bull flag is forming and we can see an RSI indicating an overselling of BTC. This could result in an increase of value and my prediction it it will either top at $40k or $44k. The main factor in the differentiation is the hype factor. A $4,000 increase would equal an 11% ROI at current levels and $44,000 of course would provide a 22% return. Not a $100,000 BTC, but anywhere between 11% and 22% in the short term is a lot of money - depending on how much you are investing.
Now (again on the 4 hour), a $40,000/$44,000 BTC level by the end of the month would result in a significant over purchasing of BTC. Which would mean profits will be taken. There is no reason to suggest anyone investing a significant amount of money would not take a 22% return on their investment. At this point expect a sell off, and expect BTC to start being shorted again.
The next step is to look at the descending and widening 4 hour channel. Where will the decline likely lead? The next level to look at is the $30,500 mark. Thiswould be the next good spot to look at purchasing for some decent gains on the 4 hour.