BTC into the New Year (Weekly)
As we are ranging within a ascending triangle on the weekly it would be hard not to take major resistances into account. From a purely pattern standpoint it does not support major moves up.
Looking at the Trend exhaustion we notice a potential move up as it has ranged at the bottom red section, however it seems as if the Price vs Whale money is flattening out and even decreasing which indicates to me that money is flowing into potential trades shorting the move up.
Comparing long vs short trade risk we see a neutral situation with the trend favoring the shorts. I am expecting a move from $50871.00 to $57732.00 to be the move which is in play. I therefore believe, unless one is on the short side that the price currently presents a calculated exit point for now. The entire markets emotional status ranges currently between high-neutral and excitement. A sudden FOMO will trigger an grater sell-off. If we break the hard yellow ascending trendline which held true from the beginning we might be in serious trouble although it might be a fake out as we have seen 09 March 2020.
Merry Christmas.
Looking at the Trend exhaustion we notice a potential move up as it has ranged at the bottom red section, however it seems as if the Price vs Whale money is flattening out and even decreasing which indicates to me that money is flowing into potential trades shorting the move up.
Comparing long vs short trade risk we see a neutral situation with the trend favoring the shorts. I am expecting a move from $50871.00 to $57732.00 to be the move which is in play. I therefore believe, unless one is on the short side that the price currently presents a calculated exit point for now. The entire markets emotional status ranges currently between high-neutral and excitement. A sudden FOMO will trigger an grater sell-off. If we break the hard yellow ascending trendline which held true from the beginning we might be in serious trouble although it might be a fake out as we have seen 09 March 2020.
Merry Christmas.
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