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Bitcoin's key breakout levels and what's next! Jan 2nd 2024 Bitcoin just broke the key resistance level of the mid 44k's establishing a new high of 21 month since April 2022. The red circles on the chart indicate key breakout levels. 1) June 2023 the price rose above 26,800 with a daily candle close. 2) October 2023 the price rose above 31,400 with a daily candle close. 3) Jan 2024 the price rose above 44,700 with a daily candle close. The levels are key due to multiple tests to break above which failed every time, indicating price resistance. Once a resistance level is passed, the market searches for a new resistance. Next key technical levels to pass are - 45,800 50,800 54,400 The levels are based on horizontal support/resistance levels stretching back close to 2 years. Long-term connecting highs and lows show higher highs and higher lows since Jan 2023, With Bitcoin rising about 250% in the year passed. RSI shows the price action far from overbought and MACD shows convergence and momentum shift to upside that's fresh - Both indicators show clear "buy" signals as well as the technical breakout above 44,700. Speculations are that multiple BTC ETF's will be approved by SEC today. --------------------------------------------------------------------------------------------------- Do your own research! Trade with caution especially when trading leveraged products! This is not advice. This is pure market speculation. Thank you and happy new year everybody :)
BITSTAMP:BTCUSD
by Exactus
1
Important weekly update on Bitcoin.Hello folks, As we approach the end of 2023, and with the new year 2024 on the horizon, let's simplify our weekly chart discussion, focusing on key topics. 1. The Bitcoin Spot ETF: Amid the anticipation of traditional institutions entering crypto, concerns are widespread. A positive outcome from the ETF could propel a quick move toward FWB:52K , followed by a potential rejection. 2. The game of S&R (Support and Resistance): BTC has established a robust S&R range between $30k and $47k. While $47k hasn't been reached yet, a new resistance has formed at $44k in a lower timeframe. 3. The Correction: Despite expectations of a correction since October, BTC hasn't shown one. Eyes are on the $30k support for a potential final drop. 4. The RSI: Already in the overbought zone, signaling a potential major correction soon. Strategy: i) Keep the majority of your portfolio in USDT. ii) Consider selling 50% of BTC holdings only if it reaches FWB:52K ; otherwise, wait for accumulation. iii) Utilize leverage and futures trading with 10% of the entire portfolio. iv) Exit any recently acquired spot holdings. Conclusion: BTC may still have room to reach the $47k resistance level, especially with the potential positive impact of the BTC Spot ETF approval. Trade safely. Regards, Team Dexter.
INDEX:BTCUSD
by Dexter_The_Trader
Are you sure you want to long Bitcoin?I am in holidays and i will be back mid January, but i see lot of people that are entering long on BTC. On major timeframe (H4 and Daily) it has lost an important trendline. We can see it has also retested it and it started to drop. As soon as mid-term support will be lost (41.400) the fear will come and the price will drop fast and hard till $35.000 at least. I am not spreading fear, i am bullish long term on Bitcoin, i just think we will have a better chance to buy it lower.
Short
by SaliJournal
4
#BTC/USDT Will Bears take over?#BTC is currently trading around the $42.6k level, with the 100-day moving average (100 MA) acting as support. Breaking below this level could lead us to the $40,222 level, which is the lower support for Bitcoin. I anticipate a bounce from the same level. Keep an eye on the 100-day moving average for the next few 4-hour closes. Ensure you book profits on your leverage positions. For spot, I am just holding my positions. Do hit the like button if you like my content. hope you are riding the alts I've recommended earlier in my charts. DYOR, NFA #PEACE
by Cryptorphic
2
BTC Macro Cup & Handle Forming w/Golden Pocket Breakout?Bitcoin rejected at the $45.5k level as we forecast in prior weeks live classes and we can see the sell order block at this level as well. Right now it looks like BTC is forming a macro cup & handle pattern, which would be a good thing here -- for Bitcoin to retest recent support (the handle) and then bounce off of this. I'm targeting the FWB:48K - $50k level as the next resistance level before heading higher (which is the macro Fib Golden Pocket retracement zone). The next buy order blocks are around $38k but the likely support levels are the 21 and 50 week EMA's around $30k and $35k respectively. Hard to say what happens next, with all eyes on the BlackRock and other ETF expected approvals. If for any reason ETF's are NOT approved 1st week of January, we could see a 50% drop and the Bitcoin CME gap potentially filled around $20k and as a final shakeout of retail investors.
COINBASE:BTCUSDShort
by BrettFogle
A Merry Bitcoin Xmas 12 statistics for 12 historical Decembers: December Marks pretty pivotable points in Bitcoin history. Typically the 19th-31st of December marks some decent moves, with either a slight pause for continuation or a major reversal. 12 statistics for 12 historical Decembers: - AVG. Overall Returns +15.26% - AVG. Positive Returns +52.73% - AVG. Negative Returns -28.45% - 7/12 saw Red candle closes, 5/12 saw Green. (2023 will likely be 6/12) - 6/12 saw January close lower than Dec, whilst 6/12 did not. - 4/12 we never saw Dec low prices again. - 4/12 proceeded with a Jan-Feb monthly retraces (didn't close < Dec), whilst 4/12 continued higher. - 4/12 saw lower prices proceeding more than 6 months. - 3/12 were in mid bull markets (wave 3) - 2/12 marked ATH's and to date 2/12 marked ATL's. - 1/12 saw sideways action for 4 consecutive months - 1/12 marked false low reversal signal (COVID) In summary, for the 13th December close given the timing of cycles, this does mark a midterm turning point between cycles. Generally, at this point, it is more probable for a slight -25% retrace before continuation. Statistics on lower Dec ratios (<4/12) would suggest that in Q1 2024 we may just get the dip, but for how long will the Santa Rally continue? $48-50k high seems very likely but a close < FWB:31K in the coming months on the retrace would prove something else is at play. Sorry for rez, here is a better screenshot
INDEX:BTCUSD
by LiquidMafia
Bitcoin Top and 27% Pullback Likely To $32k Support?Looking like Bitcoin topping out here and in need of refresh and retest of lower support. Since BTC commonly has 25%-27% pullbacks to support, this is looking more like a 'Sell the News' setup for when the BlackRock ETF likely gets approved in early January. For this rally to sustain and hit our higher projections of $100k, $155k, or even $210k, Bitcoin needs to retest support around $32k level in my opinion. At least a pullback to $38k before resuming the push higher to the FWB:48K - $50k Golden Pocket. What do you think Bitcoin goes next?
Short
by BrettFogle
BTC Update - 21.12.2023 / Local range with Long OFh1 Chart: Yesterday's targets in the form of liquidity pool behind PDH level were successfully achieved. At the moment we have formed a local range with an upward exit after the POI mitigation in the form of 1h FVG. Now I would like to see a devation from below and the birth of an upward order flow through the break of the structure on the ltf! I am out of positions for now and I advise you to stay out of positions! Not a financial tip, always observe the risks and watch the reaction in the points of interest and only then make your entry into the position!
by trademansi0n
Bitcoin Bulls VS Bears 🐂🐻Bitcoin, after a very significant rise, had a dip that in my opinion is healthy for the long term, but nothing alarming for now. The red line (SMMA) has held the price perfectly on the 4H timeframe since November, which means that for now we continue with a bullish structure. Therefore, only if a breakout below it happens, I will expect a more significant correction, initially towards the 38K support, but be aware that 35K is a big liquidity level.
by The_Trading_Wizard_
#BTC/USDT Weekly: This pattern signals Trend Reversal!#BTC Weekly Update: Breaking the Green Streak! Bitcoin (BTC) sees a change in trend as it closes the week with a red candle, ending an eight-week run of green candles. This shift is marked by the formation of a Bearish HARAMI pattern, signaling a potential bearish reversal. The confirmation of this pattern hinges on the weekly close; BTC needs to end the week below $41,349. Until this confirmation, Bitcoin may move sideways, providing an opportunity for altcoins to thrive. Investors should carefully select altcoins during this period of potential BTC consolidation for optimal gains. Stay vigilant! Do hit the like button if you find this chart helpful. Thank you #PEACE
COINBASE:BTCUSDLong
by Cryptorphic
Weekly DXY Breaking Down Below 103 = Bitcoin and Crypto RallyThis is a great looking chart of the DXY on a weekly time frame. We have a huge Bearish engulfing candle forming on the DXY and breaking down below the 103 support level. This is looking very Bullish for Bitcion and the Total Crypto Market Cap. Also notice what happened after the last Bearish engulfing candles in October and November. This is great to see, after 11 straight weeks of Bullish Green weekly DXY candles prior to that. This is starting to look very interesting, and as we know as the DXY falls, Bitcion goes up. Also see my recent analysis on how we could see new highs by January, and $100k BTC by or before the Halving. Let me know what you think!
TVC:DXYLong
by BrettFogle