We've seen some consolidation in the lower $40Ks this week. Negative news and overall market superstition seems to be preventing a big move up. Obviously, BTC has 2 options.
1. Breaks below the current floor and the price moves below $40K. Given the time we've spent consolidating, I would not be surprised if a break below this level resulted in a more sustained move down.
2. Conversely, BTC could finally break above the local highs ($44K-$45K). I'm of the opinion that this is more likely given the amount of time support at the $40K level has held. If this happens, I think we would be looking at a sustained move higher before we find a ceiling around the current ATH.
I'm of the opinion that option 2 is the most likely. However, I do think we will see some more consolidation before the break happens. I think that $41750 is a reasonable place for buy limits currently, which is where I have placed mine.
As always, do your own research. Don't take financial advice from anyone, especially me.
1. Breaks below the current floor and the price moves below $40K. Given the time we've spent consolidating, I would not be surprised if a break below this level resulted in a more sustained move down.
2. Conversely, BTC could finally break above the local highs ($44K-$45K). I'm of the opinion that this is more likely given the amount of time support at the $40K level has held. If this happens, I think we would be looking at a sustained move higher before we find a ceiling around the current ATH.
I'm of the opinion that option 2 is the most likely. However, I do think we will see some more consolidation before the break happens. I think that $41750 is a reasonable place for buy limits currently, which is where I have placed mine.
As always, do your own research. Don't take financial advice from anyone, especially me.