#34 | Indecision
A quick look at the January close in Bitcoin and alts and what this might mean for February.
This week’s newsletter will be an abbreviated look at Bitcoin and altcoins only, due to a personal injury and a scheduled surgery. I apologize for the inconvenience.
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Bitcoin ended 2023 up over 200% from its 2022 low. January brought us substantial news related to the debut of several spot BTC ETFs in the United States. But since then, the trend has become corrective, traveling mostly sideways. Sideways can lead to a resumption of the prevailing trend or teeter over toward a trend change. February will shine a light on which of these scenarios we will get.
January 2024’s monthly candle close is a Doji, or a Spinning Top. These represent a pause in the trend from indecision. A Doji is important because it suggests a decision will be made in the candle following. This once again points to February being a decisive month for BTCUSD and the rest of crypto.
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