Point of the situation

Last week I was bullish after I read some opinions, looking forward for a 13k$ for BTC which would re-take its market dominance after last big dip. There was a chance for “cup and handle” formation which would mean a nice rally up to those values, or even 15k.

But this didn’t quite happen, as a deeper correction was needed apparently by the market. Stories talk about some large millions that were taken out. But in terms of general market, we’re talking about some good billions. At the moment, acc to marketcap, we are on 362b, and it had been 800b during the first week of January. Taking the minimum of 110b in September 2017, it would be now on the 52,4% correction.

https://www.youtube.com/watch?v=bbrxyfBpEfI

BTC

At the moment I’m watching the underperform of BTC, and MA’s 7 and 77 seem quite far to cross in the following days. MA232 seems to accept this position too… I will keep the 8620usd under eye to control the correction, and see if it can lower to , otherwise we may see next FIb level being hit of 78,6% on 7800usd.

In the next daily chart, despite of the short period available on binance to pair BTC/USDT, the MA’s volume is still unbalanced, so we can foresee that some volume will go through the area between the blue lines, leading to a slow growth. I f BTC falls back on 6750 region it can be problematic, as the double top would show more strength into forecasting a downtrend, with next level of support maybe between 4k and 5k.

keep an eye for when that MA’s cross on the daily chart.