DrJLT

BTCUSD possible pullback (~$10k) before the next rally ($12k)

DrJLT Updated   
BITFINEX:BTCUSD   Bitcoin
My general sentiment has been bullish for some time (see my previous posts as well as YT video).

Still, I have a feeling that the bulls are exhausted:

  • Many alts have stopped growing for some days
  • We see BTC has bearish divergence in terms of volume
  • $11k is a critical resistance level, as it is the 1.618x of the neckline (I already mentioned it in my previous post)

In this context, I see BTC retesting lower levels in the coming days before eventually rallying to $12k by March.

Comment:
Indeed pulled back
Comment:
on the hourly, we have seen 12345. let's see if we have completed this correction.

in any case, to say it's going to "2k" is like saying it's going to "-2k" or "-1million".
Comment:
Should I start posting it's going to $ZERO$ in order to get more views?

Seems the TV crowd loves sensational posts.
Comment:
seems to be a small rising wedge in the <1h time frame.

BTC is probably going to trade in range & accumulate
Comment:
may have fallen out of the rising wedge. Will this be the "C" leg of the correction? Or is it just normal range-trading?

10k is possibly the key: if we never touch it, it's just range-trading & accumulation. if we cross 10k, possibly 9.5 will be the bottom of this correction, and it'll take longer to retest 11k
Comment:
Appears that the range is indeed above 10k. Probably will break out this week
Comment:
Very tiny rising wedge visible only on very-short time frames (5min)

I think 10.5k will be the new, higher low

Decidedly bullish but breakout isn't guaranteed today
Comment:
another rising wedge, this time visible on 15min
Comment:
ASCENDING TRIANGLE

the market seems determined for breakout

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