Chart of the day

Where do we stand fundamentally?

The inauguration of Donald Trump has been associated with expectations of a pro-crypto policy environment. There's optimism around potential executive orders on crypto, with some investors anticipating these announcements could drive Bitcoin to new records. Posts on X suggest a significant chance of a U.S. national bitcoin reserve being established by 2025, although it's not listed as an immediate priority in documents related to the Trump administration.

Bitcoin is being rejected again by the previous top of 108600. This is strong near-term resistance for an upside continuation and a strong rejection here will lead to a reversal lower within a long-term channel and mark the short-term third wave top. A break below 100000 will lead to a lower acceleration.

We are in the possible terminal uptrend channel with indicated support and resistance to watch and follow the price action. Soon we could see an extension of swing trading but a strong indication of a third wave top would be a break below 92000.

_{You can take a near-term short-trade entry with an SL above 115000 to target 70000. If we get a break above 115000 you should reverse a trade to long trade.}