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Assessment: I discussed recently that Bitcoin seemed poised for a “sell the news” sort of event (https://tsp.live/2024/01/12/telegram-trading-18/). Further stating that the $42,024 pivot was key support to watch. Well, in recent days the $42,024 pivot broke, then bullish attempts to get back above failed and then we had a decent sell-off today as bulls seemed to finally give way.
Current Path Predictor BTC chart: https://sblk.io/s/1elwTOs2IJtYkix5
We are in a vacuum right now and I would think the higher probability outcome is a decline to the support pivot at $37,492. However, with the main catalyst behind us (ETF approval) it could just be a matter of time before that pivot breaks and we head further down. It could setup a real nice spot to go long BTC, but I think we are a distance from that point right now. Just my two cents though.
Good luck in your trades!