Given the relatively low volume
during the Holiday, it can be difficult to spot trend changes or real support/resistance
areas since many traders are absent. However, there does seem to be some longer time-frame patterns setting up that, if played out, will provide long-term investors/traders with potentially great entry points. On the 4 hour/daily charts, a large H&S
top is setting up that is becoming more and more likely as time passes; declining volume
during the pattern setup, the formation at a psychological key high ~20k, and the lack of strong-tested support anywhere within the pattern (but present near its measured move) all imply support for a patterned resolution. Traders wanting to play the short side of the move should wait for confirmation of the pattern, which is a test of neckline resistance after breaking through on high relative volume
this plays out, I would hesitate playing the alt coin space since a break of 10k would likely bring renewed FUD and fear to the general market and the profit opportunities for buying Bitcoin
<10k vs. holding alts through this time period is likely better. Only short time frame alt plays may provide transient opportunity.
The Bitfinex chart is shown, but Coinbase is also shown below and largely provides the same information.
A slightly more detailed analysis is provided via my blog at https://thebitnote.com/bitcoin-not-yet-out-of-the-woods/