BTCUSDT possible bearish outlook for the next year.
Trying to see the past trends, this is a possible scenario that may play out. Overall outlook is bearish, as I think it is forming a H&S.
We can see a bit of bullish action around 40 - 42k to help the price back up. However, if the price does not hit the yellow zone (48 - 52K) after that, then we are likely to see downward movements. As the panic will start settling in, and the price will tumble downwards.
Around the 36.9k mark there can be one of two things: 1) The h&s formation completes, and people dump to 30k due to fear. At which point the buy orders trigger, and it becomes a struggle b/w bull and bears. 2) The 36.9 - 43k area marks a bullish trap, and price rebounds heavily and trades between 54 - 60kk (I don't believe this will happen).
If the sideways continuation happens, it is good for alts.
This is just an idea. Let's see.
We can see a bit of bullish action around 40 - 42k to help the price back up. However, if the price does not hit the yellow zone (48 - 52K) after that, then we are likely to see downward movements. As the panic will start settling in, and the price will tumble downwards.
Around the 36.9k mark there can be one of two things: 1) The h&s formation completes, and people dump to 30k due to fear. At which point the buy orders trigger, and it becomes a struggle b/w bull and bears. 2) The 36.9 - 43k area marks a bullish trap, and price rebounds heavily and trades between 54 - 60kk (I don't believe this will happen).
If the sideways continuation happens, it is good for alts.
This is just an idea. Let's see.
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Expecting up to 44.7k soon
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We had the quick bullish action around 40-42k as mentioned above. Now we are heading for the dump to 37.5k.
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Chart has been following the trend well.
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It actually might be more bearish than expected. how sad..
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Wiped entire 6 months worth of profit. Target is 31.5k right now. Below that (or the blue box) the target is 12k
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We might see a short 38k - 40k pump. But please don't get trapped in it thinking it will go higher. Take your time, no rush in these things.
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Possible support around $35k-$36k building up. We might see another short lived pump after it touches $35k, but so far it's still following the chart well.
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We will see one more week of growth till ~$41k
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We are showing bullish signs! If it breaks 40k and goes to 41k, we are in the clear.
However, a drop from ~39k is really bad!!
However, a drop from ~39k is really bad!!
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40.8K achieved (I made the comment on Feb 1 about week of growth to ~41k). Eyes now on 38.8K
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Now we will be stuck between 41k and 35k for a while. Alt season time
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35k coming soon. then top ceiling is 39k
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Update to previous comment, the ceiling is actually around 41k, and the bottom is around 37k.
We are stuck between this region
We are stuck between this region
Waiting on the second green box below - stronger support.