Hi folks, this is George. Great week. Again a lot of green candles on the charts.
Bitcoin cleared many resistances and rise over 23K. This is a great sign, but keep your pants on, no need to get too much excited yet.
Daily time frame:
You ca see here that BTC is in a good position at 22 700$. PA indicator show that we reach a point where we need more money flow. The Green line is going to the 50 line (yellow) telling us that we might be going to the next support around 22K.
Weekly Timeframe:
We have a strong support at 18 500$, as long as we stary over that level we are still in business for an uptrend. Below that point, we have to reconsider and expect a drop to 16K. Until then we won't be sure if the bear trend is over. So please:
Long term feeling:
Looks like the stock market is getting use to high interest rates. That may be a sign that new money is ready to enter the market, so we could see some more action on the stock markets and crypto markets. But better wait and watch. Once we see where Bitcoin pullback leads us, we can make a better call for a long.
Still, Monthly chart, we still have 8 more days to January and we are en route to have more volume than December. An optimist could see it as a sign that Bitcoin is heading to 34K in the next few months.
Again, let's see if we can hold 22k, if we do 24k and 26K we'll be the next targets. If not prepare for a drop to at least 18 000$. And then maybe we'll have our answer.
What do you think? Are Buying?
Good luck and good profits.
GGP
