#Bitcoin & Markets update Jan-19

1/n tl;dr: Markets are looking very good, HL as expected has been building at 34K, FUD mostly gone, ALTS are very strong, funding at extreme levels (watch out)

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2/n Markets are looking very good, funding is at extreme levels, a reset will come but it’s good that traders are having appetite to push the market up again. We need that, spot will follow.

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3/n BTC could make that final touch for support around 33.5-34K in the coming days or it will just push through 38K. Momentum is getting back again.

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4/n As mentioned the previous days, the bullish drivers of this first leg up are still in tact. The Grayscale 16.000 BTC buy in 1 day proves that. And alts are very strong so new money is coming in.

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5/n Furthermore, ETH is looking to make a monster run. It will attack the previous ATH, perhaps drop a bit and consolidate but I’m confident it will move to new ATH’s soon.

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6/n What am I seeing?

-BTC has been building a base at 34K
-Open interest is rising again (good!)
-FUD is blowing over
-Strong momentum coming back again
-Funding at extreme levels (watch out)
-21 day EMA (daily) acted as support

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7/n What’s next? (Scenario’s 1/2)

Like I've been saying the past 5 days: I still give most weight to the bottom being in and that BTC will break out to new ATH’s.

Scenario 1: 80% probability bottom is in, BTC will range a few days and breaks out to new ATH

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8/n What’s next? (Scenario’s 2/2)

Scenario 2: 20% probability this was the bull trap and we head towards 30K and potentially make a lower low

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9/n What am I watching?

-Funding is currently extreme, a reset will come
-BTC dip needs to be bought
-Don’t want to see a sustained dip below 33.5K
-FUD blowing over and not impacting the market significantly
-Alts need to keep showing strength

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10/10 Closing off

All in all, my view that the bottom is in has not changed. I’m seeing a lot of strength in the market. Bullish drivers fully in tact.

I expect BTC to break out to new ATH’s and alts at the same time perform well.

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