This move has had its 4th pullback and each wave has grown WEAKER on the upside and the downside, with candle strength also swapping from green to red.
We could get further, stronger downside if we show short term weakness. In case of a move down that soon, a stronger bounce from ~7.7k area would be great; otherwise a test of 6.1k.
If the trend breaks we'll see more upside more quickly, but there's tons of resistance and a lot of bagholder selling pressure.
KEEP IN MIND that if we actually stuck to this weakening version of this trend we could see the 2000s or some ridiculous low level, really parabolic downside then (probably not that low) in as early as MARCH lol. This would be great new in my mind for the rest of the year, in terms of quick rektness leading to quick new market cycle. This would play well with the chart linked.
Altcoins are attempting to do just that and if we can hold any type of sideways promising btc trend alts will blow up and go up just after having retraced. Spicy times ahead.
We could get further, stronger downside if we show short term weakness. In case of a move down that soon, a stronger bounce from ~7.7k area would be great; otherwise a test of 6.1k.
If the trend breaks we'll see more upside more quickly, but there's tons of resistance and a lot of bagholder selling pressure.
KEEP IN MIND that if we actually stuck to this weakening version of this trend we could see the 2000s or some ridiculous low level, really parabolic downside then (probably not that low) in as early as MARCH lol. This would be great new in my mind for the rest of the year, in terms of quick rektness leading to quick new market cycle. This would play well with the chart linked.
Altcoins are attempting to do just that and if we can hold any type of sideways promising btc trend alts will blow up and go up just after having retraced. Spicy times ahead.
