BTC Update

Nothing shared here or anywhere else can be taken as granted or should be used as the only source of information because no one can perfectly time each move. In fact, BTC pushed above what would be my Local Top (12.8k or 11.5k) but strongly rejected the new Local Top (13.9k on average).

This local top can be the Top of the Big Wave 1, previously mentioned, or we may push a bit more (even reaching 15k), something I wasn’t expecting and that may not happen but we need to consider this possibility.

I don’t believe in parabolic moves to 30K this year like some already published and I still consider this move quite Bearish (for short term) but this is what I’m looking at.

Multiple daily closes below 12.8k will confirm this local top but if we close above 12.8k we may have one more push eventually testing 15k or more. Many indicators suggest overbought and I believe we have now the perfect conditions for a Bull Trap that may trap some buyers for 2 or 3 months.

BTC Weekly Chart

Let’s wait and see how the week and month will close and don’t forget that we already achieved five consecutive months in green… sooner or later a pause is more than welcome.

BTC Monthly Chart

BTC+LTC+DASH MVRV also pictures well how far we got without any major pullback and how likely it is for some sort of consolidation before we push further.

BTC+LTC+DASH MVRV