23 January 2024BTC/USD rushes toward
$37,450. This can be either be
- a strong momentum in one go
- a sweep toward $43,500 first then rush downward
No trade signal to buy or sell. No position of strength.
The hardest thing to do is waiting.
Estimate
to wait till around first to second week of Feb 2024
There is a difference between how the price will move, and the trade signal.
Above is the price movement prediction,
not a trade signal.
Sometimes I can predict roughly how the price will move, but for that to become a trade signal you also need a position of strength (a point where you have an advantage)
In this case, there is
none.
Reading this, I believe you know what you are doing as my expected target after breaching $40243 (1D Fibo level of 38.2%) lower is $37,519 (current 1D's 50% Fibo level). Bitcoin is not in a good moment now as it is falling and might continue to do so for the rest of January, especially with the renewed bearish pattern seen on the weekly chart. I knew it would fall yesterday, the price actions on the weekly and daily chart prove that in addition to some strategies. As it is, Bitcoin might continue to be pressured for many reasons, and the ETF approval that backfired with the reduced willingness to buy which is partly due to the selling by Grayscale and some other factors will continue to make the market unappealing to buyers. We will be seeing enough of the sellers coming into play over time, regardless, if $37,519 holds, it might be the level at which the market will turn back and the bullish impact will be so strong if this happens.
