We have the long standing upward trend zone/lines. We have the shorter term downtrend zone from all time high , Dec 17 until now. These 2 currents are meeting around the $8000 to $10000 levels. This convergence falls roughly inline with the expiration of CME futures on Jan 26.
As you all know we had a major run up in Nov-Dec. In the fall we thought we would be lucky to see bitcoin at $10 000 by years end but instead we nearly saw $20 000.
A lot of this run-up was due to the hype related to the launching of bitcoin futures.
What we are seeing now is a healthy pullback towards the long standing trend line.
It remains to be seen if we will see a lower low (under 9200 set Jan 17) or a higher low likely somewhere between 9200 and 10 000.
From the January 26 I see the possibility of the start of a new uptrend. Wait and see.
Not investment advice just my opinion.
As you all know we had a major run up in Nov-Dec. In the fall we thought we would be lucky to see bitcoin at $10 000 by years end but instead we nearly saw $20 000.
A lot of this run-up was due to the hype related to the launching of bitcoin futures.
What we are seeing now is a healthy pullback towards the long standing trend line.
It remains to be seen if we will see a lower low (under 9200 set Jan 17) or a higher low likely somewhere between 9200 and 10 000.
From the January 26 I see the possibility of the start of a new uptrend. Wait and see.
Not investment advice just my opinion.