Month: January 2022

No sense in stressing over getting a position (at least Long). The risk outweighs any reward potential for now. I don’t see any environment that sets up well for me. Yes, we had a 10% BTC reversal which was rejected, just a counter trend bounce that is still trading below the 10-day MA. And it is more then likely that we will test 30K.

The $40k support level held during the dump into the mid-cycle low, suggesting there’s a good chance of recovery soon. BTC recapturing $42.5k in the 2nd Half of this 60-day cycle is a good attempt to move higher over the next week.

Be careful everyone, support at $45k has been penetrated like butter, now that we lost some old support, the next move lower is likely towards $40k. Nobody should have been leveraged (at least not long) and be careful not to puke your spot positions at a major bottom.

Bitcoin remains in a short term downtrend, bulls defending the $45.5k area well, but not getting any real upside move. BTC chart has been complex and choppy for weeks and below $45.5k opens up a move down to $40k.