Updated

BTC Consolidation

We might need another couple of weeks before BTC if going to go higher. The big influx of people over November and December has temporarily dried up and we need time before people get use to the idea on BTC being in the 15K range before more money will flow in. This market is at a ATH, and the new money folks needs time before they see this range as being safe.

As usual, when BTC idles, ALTS will spike and that will happen as expected, so make sure you in your favorite ALT.

Trade active

It still moving down, so lets see if the support holds. We should get a jump at that price.

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First target hit but we need to close above the 50MA for this to work. If we go lower, expect 9K-11K target drop.

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So it seems we had a short pump from under the 50MA but it seems we turned into a bearish flag. I suspect people cannot believe BTC is not moving up but soon they'll come to realize that BTC also has it's bad days without bad news.

If today closes at below the 50MA we'll go down to the 10K range very quickly...

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The last time we had this happen, BTC dropped to between the 50MA and 100MA which means this can repeat. The key here is to understand that if the 50MA turns into resistance it's a certainty of a down trend.

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Two options that I can see here, we go down as previous, or we go lower which I suspect won't happen, but again, all you need is bad news (FUD).

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Ok drilling into the 30min view now as things are happening quickly here. As you can see we have a clear H&S formation from the trend line and volume confirmation which will drive us down to the upper range.

silmaril0875

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silmaril0875