It does not look good, as of the time we are posting this... Crypto Market together with news agencies are in intense cleaning cycle, getting rid of weak hands, noob investors and to summarize all this in few words... Crypto Market is cashing out and profiting from panic sellers
INDICATORS
MACD is neutral meaning but leaning more towards bearish
RSI doesn't matter at this point
Short Term indicators are bearish (short term meaning 1-6 days)
Medium Term Indicators are bullish (medium term meaning 7-20 days)
Long Term Indicators are extremely bullish (long term meaning 21 - 31 days)
Here's what you need to know...
If Bitcoin decides to break out first resistance in the next few hours - days (maximum) of $10,500 - $10,750 then we will retest previous lowest point, if that point then breaks, we will find our selves with 1 BTC at $6,000 - $8,000 - YES, I KNOW, HORRIFYING....
On the other side here... if we break our first resistance in next few days, we get more time and move to out final main resistance which is in between $12,250 - $12,800 (depending on which exchange you're looking at). If that resistance gets broken, then $20,000 if our next target or near it. This is the most optimistic plan that we have and at current stage we need to have a break very very soon.
LONGER IT TAKES TO BREAK RESISTANCE = CHANCES OF DROP GO UP
Quickly going back to our indicators, if all s*** goes does, it should be a very quick recovery, meaning that we should be well over $14,500 by Mid - End February
Make sure you're following us to receive updates