Btc broke out the faling wedge created on 5 January of this year. Btc will now test 10.000 usd - 12.000 usd we need to clear this zone otherwise we will see the last impulse wave to the 7k zone. In case of down it means this is wave 4 and we will see last small impulse wave 5 to the down, where we can possible see a double bottom or the 4k zone like everyone is asking for to buy more. If we get there like last time this zone wont last for long. to much buyers zitting there and waiting for you to sell.
I think btc will breakout the major resistance line around 20 March, because the G20 will talk about regulation. Regulation is good for this market and will bring more money to this market. The media keeps talking about regulation like it is bad this confuse the majority of the investors since they are new to this business. China banned btc more than 100 times the biggest one was last november, you can see what we did after it. For now the media is starting implementing good news lets see if they keep doing that once we are in that 10k zone. Rsi also getting to the oversold zone it will be good to see the rise in that area and stay there for a while.
Im also impressed on how fast the lightning network is growing, soon moving btc will be free. this will make btc a tool for more businesses, institutions and governments.
If you are a day trader this are good times to make some money. If you are a new investor try to learn in this periodes. Especially be patients when you feel uncomfortable.
(THIS IS NOT A INVESTMENT OR TRADING ADVICE, I JUST SHARE MY IDEA OF POTENTIAL OUT COMES)
If imagine if it gets below 6k and tests 5k we'd have broken the prior old channel completely and definitely would have broken the parabolic move upwards that everyone is so set on. In that case I would think we'd see 1 to 3k range and a bear. What levels do you confirm if broken would break old channel support and lower parabolic channel?
mycoinmoon
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10K test maybe today with CBOE expirations. CME expirations on the 23rd will lift us to probably 12k....then market hype will come back in with media attention.
SignalTraderX
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@mycoinmoon, yeah looking back at previous corrections this could be very possible. People don't jet realise the tiny market cap of crypto compered to other economy's. Will not be surprised.