A Local Look at BTC (within a macro structure)

6 ม.ค. 2023

Here we are looking at BTCUSD on the 12hr TF…

As shown on the chart, we are analyzing BTC in its local sideways channel within a macro descending wedge (see prev. Post for macro analysis on descending wedge structure).

Bitcoin has been trading within this channel since the FTX crash, and hasn’t had much volatility since then. While this pattern is technically bearish (bear flag), BTC has shown some strength in the new year thus far. Despite the downward price action in the stock market, BTC remained stable. That doesn’t necessarily mean it's bullish, but it's certainly something to monitor.

Lastly, we can try and project what BTC when it breaks this local range, based on support and resistance zones from the macro structure it has been trading within.

We will continue to monitor a break out of this local channel, and will update you as the chart develops.

Cheers!