Bitcoin (BTC): Possible Local Top Has Been Formed / BTC Weak!!
One of the most important weeks for Bitcoin is here, the last week of 2024, where we will be closing the yearly candle and opening a new one within these 7 days.
We are seeing some signs of weakness both from just liquidity outflow and the selling pressure we have (even on the ETF side, where Blackrock started to slowly sell some of their profits).
Now with that being said, we are expecting as many of you know the price to correct properly, which later on would reduce the dominance of Bitcoin on the markets and money will flow into some altcoin!!.
For now, the point of interest is and will be that support zone near 75K or near that zone!
Swallow Team
We are seeing some signs of weakness both from just liquidity outflow and the selling pressure we have (even on the ETF side, where Blackrock started to slowly sell some of their profits).
Now with that being said, we are expecting as many of you know the price to correct properly, which later on would reduce the dominance of Bitcoin on the markets and money will flow into some altcoin!!.
For now, the point of interest is and will be that support zone near 75K or near that zone!
Swallow Team
Note
Bitcoin has broken our entry on the daily timeframe, where now we are basically at the end phase for a possible market structure break to form here.
We are now more confident in an upcoming move to lower zones so keep your attention at current zones where bitcoin is chilling and once we see a bigger liquidity hunt to happen, keep your eyes on 200EMA and the lower support zone that we need to re-test!
Note
The last day of 2024 is going to be very volatile and unpredictable for sure (and not only today but most likely next 3-5 days).
We have put down 3 different scenarios with entries we are looking for in the upcoming week, and as you can see, the end game for all of them would be a downward movement.
We do not see yet the new ATH to form so most likely markets will have some kind of cooldown.
What are your thoughts?
Note
Bitcoin seems to head towards the $100,000 zone, where the price is showing early buying signs as the first days of 2025.
Now keep in mind that our bigger timeframe view has not changed so we still wait for that correction to happen but meanwhile, a re-test seems reasonable.
As soon as we break that branch of EMAs in a 4-hour timeframe, we will be looking for a move to resistance, from where we might see either a liquidity grab or a proper rejection!
Note
We broke the EMAs on a 4-hour timeframe, where now our next point of interest is the $100,000 zone, where we are expecting to see a final rejection.
Now our gameplan has not changed where we want to see a proper correction on bigger timeframes but meanwhile there is a possibility of getting a smaller push to 100K as we see the dominance of buyers is increasing after breaking the branch of EMAs.
🚨 Authentic Mentoring
⚡️ Short-Term + Mid-Term Trades
Join our amazing team and be part of something bigger.
FREE: t.me/+fiEDSn7M9pJkODA0
⚡️ Short-Term + Mid-Term Trades
Join our amazing team and be part of something bigger.
FREE: t.me/+fiEDSn7M9pJkODA0
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.