Everyone is turning very bullish again on BTC and altcoins. I really don't think it will be that easy; the whales need liquidity and make money before pushing the price higher. From a technical perspective, there is no confirmation of an uptrend, but let's take a look at the details.
First of all, let's take a look at the huge ascending channel. The price respects both trendlines very precisely. On 17. December, Bitcoin hit the top of the channel and got rejected from it. It would definitely make sense if the price now retests the middle of the channel, which is currently at around 85k.
Second, we still have a completely unfilled and untested FVG (Fair Value GAP) on the daily chart. This GAP is between 85k and 77k. This price action should be tested.
Third, we have a pretty significant head-and-shoulders reversal pattern at the top of the trend. This pattern looks pretty solid, there is a lot of liquidity below it. All stop losses from traders and liquidations on the futures market. If you see multiple swing lows next to each other, you may be pretty sure that the price will go here and sweep the liquidity.
Fourth, from the Elliott Wave perspective, we have finished wave (3) of an impulse wave larger degree. We should make an ABC correction, so I think we are in wave (4). After we finish this correction, we start wave (5). This will bring the price of Bitcoin to an all-time high. I expect Bitcoin to hit around 125k.
Fifth, let's take a look at the RSI indicator. On the daily chart, there is clearly a downtrend. The line makes lower lows and lower highs. Also, we can see a bearish divergence. This is not an uptrend, but a downtrend.
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I am bearish on Bitcon, I see that in the comment section the majority is heavily invested or in a long position on futures. Usually this is not a good sign for the bulls. Let's take a quick look at the candles on the 1W and 1M charts. This looks very bearish, and the RSI is overbought.Trade closed: target reached
We take some profit here. The crash is really huge, Bitcoin is down by 10% in just 2 days! Now, let's take a look at this support zone that has been tested 6x times. Every support/resistance becomes weaker with each retest. The more a support is tested, the weaker it is. Bitcoin's support zone is now extremely weak. Expect a huge flash crash. I do not recommend buying BTC.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.