Good morning, traders. As you may be aware at this time, the VanEck ETF was pulled so there will be no decision in February. Normally, such news would've seen Bitcoin drop a few hundred dollars at the very least and if we listen to the most emotionally bearish among us we should've seen a drop through the 2018 lows. However, we only saw a drop of $40-$50 as price bounced off the EQ of the pink TR and, as of this morning, price has recouped that loss and moved higher. This doesn't mean it won't still dump, but it's encouraging at the moment. The smaller TFs are starting to show some signs of life, but we absolutely must see follow-through into the higher TF. As I mentioned to our Discord members and on Twitter, yesterday, the lack of a strong negative reaction to this particular news may be a sign that price is ready to mark up. Market participants should pay close attention to this pair's movement over the next few weeks.
After yesterday's news, I told our Discord members that they should be watching the yellow and white resistance/support lines in RSI. A break and close above both colored resistance lines should indicate that price is healthy and strong which would suggest movement up through the overhead supply and an initial target of $3780. Price is currently attempting to move higher than the H4 McGinley Dynamic after testing the descending dashed line as support and RSI has moved above the white resistance. If price happens to fall, I will be looking for the green demand zone around $3390 to provide initial support. As I said in yesterday's update, price still needs to close above the pivot and POC on the H4 and D1 TFs. When it comes to the D1 chart, I'm still watching for price to breach the noted white dotted resistance.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
After yesterday's news, I told our Discord members that they should be watching the yellow and white resistance/support lines in RSI. A break and close above both colored resistance lines should indicate that price is healthy and strong which would suggest movement up through the overhead supply and an initial target of $3780. Price is currently attempting to move higher than the H4 McGinley Dynamic after testing the descending dashed line as support and RSI has moved above the white resistance. If price happens to fall, I will be looking for the green demand zone around $3390 to provide initial support. As I said in yesterday's update, price still needs to close above the pivot and POC on the H4 and D1 TFs. When it comes to the D1 chart, I'm still watching for price to breach the noted white dotted resistance.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
