Possible bullish wave in January

1 янв. 2023 г.

Based on last price movements I believe we might see a bullish wave in January to aim and retest 35000.

Here are some reasons to think about it:
-Price is currently lying on the upper line of the descending channel. A line that was broken a few weeks ago.


-Price has been forming a triangle for the last 10 days. We have seen this type of structure several times during the last year. Every time it happend, trend changed direction at least temporarily.


-There is a possible formation of a cypher (blue one): .78 fib happens to concur with 35k which is a level that has been rejected several times and could be a good entry for shorts aiming to new lows. Last year we saw a perfect cypher that worked out very well (red one)


-Lastly a possible ABCD could be taking shape as well:


This idea could be validated with good CPI numbers in January.

3 янв. 2023 г.

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Possible scenario if the triangle breaks downside:

9 янв. 2023 г.

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11 янв. 2023 г.

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I dont trust any upside movement more. Tomorrow CPI could complete a scary head and shoulders

17 янв. 2023 г.

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Price broke out of the red wedge so I am considering a retrace to 33,5k levels. That could be the formation of an inverted H&S. If this is validated, then I would consider the idea of a double top at around 36k. That could happen in this trimester leaving a bearish outlook for the rest of the year.

18 янв. 2023 г.

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20 янв. 2023 г.

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Selling pressure could continue until 32k