Bitcoin analysis today 23 January

📉BTC has been in a downtrend the last month📉

As there was a failure to breakout above the trendline (second green line) on the chart below, we'll now look at that line as important resistance.

📊The colored range on the chart is pretty much a no-trade zone for us. We could see so many scenarios play out, that we're simply opting to hold through this volatility for now.

We previously shared a bounce target of $8800 which proved very close the last time we dipped below $10k📈

As you've noticed, we've been cautious with shorter term trades, primarily holding longer term positions. We're still pretty neutral on BTCs movement for now, staying patient. The 26th of this month is when the futures contracts open back up and we'll look to that date as a catalyst for some potential bullish movement on BTC.

Since the 7th of this month, the total market is down ~39.7%; a pretty massive market correction.

If your bags are down less than that, you're outperforming the market👏

Without really bearish news, we'll continue to hold mid and long postions in BTC and ALTs and stay patient with our entries.