Target $4.9k to $5.3k. Approx 20-30%.
The 200 week moving average on the daily chart has been support for a long time. Jan has been bearish historically.
Right now Jan 6 has been flirting with the top end of the multi-month range and this may cause some restless traders to jump long and the masses are usually on the wrong side of any trade.
The good news is that there should be good buys below $6K in Feb with a rally into the halvening of Q2!
The 200 week moving average on the daily chart has been support for a long time. Jan has been bearish historically.
Right now Jan 6 has been flirting with the top end of the multi-month range and this may cause some restless traders to jump long and the masses are usually on the wrong side of any trade.
The good news is that there should be good buys below $6K in Feb with a rally into the halvening of Q2!
Note
Bitcoin has rallied out of the multi-month zone in a range expansive move. Is this enough for the bullish sentiment to provide liquidity for the Jan downslide? Jan 4 - Jan 7 have historically provided tops for the month of January. The top comes after upward moves from Jan 1st until reversal within a week. Also because BTC did pump into 8.4k currently it expands the percentage gain of the downside target to 30%-40%.
The setup has played out so far let's see if we get a reversal
Note
Trade is active. Stops c above the $8.4k high on Jan 7.Note
January's for btc since 2014 tradingview.com/chart/PktRVgZt/
Note
Januay's for btc Since 2014 - 2017Note
Jauary's for BTC 2017- current. Will we get a repeat?Trade closed: stop reached
Bullish preasure broke out of the 6month downtrend. Stoploss triggered.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.