Market overview
WHAT HAPPENED?
At the beginning of last week, as expected, bitcoin resumed its upward movement. But already at the local maximum and round number of $100,000, before reaching the important selling zone, it rebounded and the price moved in a downward direction for the remaining days.
At the moment, a local lateral line with clear boundaries has been formed. A pattern of sideways sell absorption is forming along the delta.
WHAT WILL HAPPEN: OR NOT?
Each new minimum update on the last wave of decline is weak and ineffective, since volumes are not realized, but are accumulated. If a strong buyer appears, an earlier resumption of the upward movement is more likely than from the lower boundary of the sideways $92,300. But the main priority this week is to capture liquidity through a false breakdown and move to the upper boundary of the sideways trend.
Analyzing bitcoin on the daily timeframe, we noticed an additional volume buying zone of $90,600-$86,300, which can hold back the decline to $80,000 with an unfavorable outcome.
Buy zones: level $92,300 (local low), $90,600-$86,300 (accumulated volumes), ~$80,000 (volume anomaly), $77,000-$74,000 (large volume zone).
Sell zone: $100,000-$102,000 (mirror volume zone).
IMPORTANT DATES
Macroeconomic developments this week:
• Thursday, January 2, 13:30 (UTC) — publication of the number of initial applications for unemployment benefits in the United States;
• Thursday, January 2, 14:45 (UTC) — publication of the index of business activity in the US manufacturing sector for December;
• Thursday, January 2, 15:00 (UTC) — publication of the ISM index of business activity in the US manufacturing sector for December;
• Friday, January 3, 15:00 (UTC) — the ISM index of business activity in the US manufacturing sector for December is published.
*This post is not a financial recommendation. Make decisions based on your own experience.
At the beginning of last week, as expected, bitcoin resumed its upward movement. But already at the local maximum and round number of $100,000, before reaching the important selling zone, it rebounded and the price moved in a downward direction for the remaining days.
At the moment, a local lateral line with clear boundaries has been formed. A pattern of sideways sell absorption is forming along the delta.
WHAT WILL HAPPEN: OR NOT?
Each new minimum update on the last wave of decline is weak and ineffective, since volumes are not realized, but are accumulated. If a strong buyer appears, an earlier resumption of the upward movement is more likely than from the lower boundary of the sideways $92,300. But the main priority this week is to capture liquidity through a false breakdown and move to the upper boundary of the sideways trend.
Analyzing bitcoin on the daily timeframe, we noticed an additional volume buying zone of $90,600-$86,300, which can hold back the decline to $80,000 with an unfavorable outcome.
Buy zones: level $92,300 (local low), $90,600-$86,300 (accumulated volumes), ~$80,000 (volume anomaly), $77,000-$74,000 (large volume zone).
Sell zone: $100,000-$102,000 (mirror volume zone).
IMPORTANT DATES
Macroeconomic developments this week:
• Thursday, January 2, 13:30 (UTC) — publication of the number of initial applications for unemployment benefits in the United States;
• Thursday, January 2, 14:45 (UTC) — publication of the index of business activity in the US manufacturing sector for December;
• Thursday, January 2, 15:00 (UTC) — publication of the ISM index of business activity in the US manufacturing sector for December;
• Friday, January 3, 15:00 (UTC) — the ISM index of business activity in the US manufacturing sector for December is published.
*This post is not a financial recommendation. Make decisions based on your own experience.
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