So the big market move makes me look like the genius that I am,,,not! (Although I did call this move in my post a while back). My last few posts have focused on individual tickers but as we all know the market can float all ships. BTC is still the sheriff in town and as it goes the rest come along either leading or lagging a bit. So what’s next?
No oscillators in this analysis, just ma’s, volume and levels. Lots of folks are talking about the next target at 52,000 where our famous prognosticators will tell it’s likely to pause, consolidate and move on up. I’m not as concerned about the 52 level which I’ll expand on in a moment, BUT before we reach that there is the 200ma at a high-volume area where we are right now. Don’t be surprised to see a pullback in this area with some consolidation. If we can retake the 200ma then it has a wonderful chance of getting to the 52 price target and beyond.
The 52 is not as much a resistance point imho, because check that there is a lower volume profile in that area, in fact it’s a pocket that normally produce large moves up or down. Of course, the coming days will tell the tale but barring a stock market collapse or other world moving news, I think we move on up, possibly quickly with all the news on institutional buyins, fiat’s continuing collapse, etc. Watch for pullbacks/pauses at the levels marked but once over that 52, we could rock. Remember, no market moves in a straight line, be safe
Cheers