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Market Update - December 21, 2023 Bitcoin has another choppy week but finishes strong: Mirroring last week’s trend, the price of bitcoin (BTC) had a choppy week, with BTC testing the $40.5k level on Monday morning before bouncing back above $43k. Bitcoin finished the week strong climbing to around $44k by Thursday. BlackRock amends bitcoin ETF application to allow for cash creation and redemption model: It appeared that Blackrock bowed to the SEC this week, filing an amended S-1 on Monday that excluded the “in-kind” creation and redemptions for its Bitcon spot ETF, favoring the “cash creation and redemption” model. Other aspiring bitcoin ETF issuers followed suit, including Valkyrie, Invesco, and Galaxy Digital. Ether has mild week and loses ground on bitcoin as ETF decisions delayed: The price of Ether (ETH) remained subdued during the week, with the ETHBTC pair dropping to its lowest level in the past two weeks, moving below 0.051. The SEC also announced it would be delaying its decision on a number of Ethereum ETFs, as expected. ETH is sitting around $2,200 as of Thursday. Inflation data coming Friday may further cement likelihood of rate cuts in 2024: The Core Personal Consumption Expenditure (PCE) for November will be released on Friday and is expected to come in at 3.3%, down from 3.5% in October, reaching its lowest level since early 2021. This should add to recent positive inflation data and increase the likelihood of interest rate cuts in the coming year. 🎉 Topic of the Week: 2024 Trend Report ⏭️ Read more here
GEMINI:BTCUSD
by Gemini
XRP Bullish 24 Hrs ☀️; Bearish 1-Week Forecast ☁️ Mixed trading conditions lie ahead for the global crypto market in the next 24 hours, with a bullish sun ☀️ shining over Bitcoin, Ripple’s XRP, Binance Coin, Avalanche, and Polygon. Bearish clouds hang over Ether, Chainlink, and Cardano. ☁️ Over a one-week horizon, these bearish clouds ☁️ will move in and are likely to weigh on the price of Bitcoin, Ether, Litecoin, XRP, and Polygon. The bullish sun ☀️ will continue to shine over Cardano, Binance, and Avalanche. Follow us for more crypto weather reports!
by ATTMO
BNB UnleashedDon’t Miss Out! Binance Coin (BNB) Leads Crypto Market Charge with Technical Breakout Fueling Potential Surge Binance Coin (BNB) Price Analysis: Navigating the Path to Surge Towards $300 In the ever-evolving landscape of the cryptocurrency market, Binance Coin (BNB) stands out as a beacon of potential, with its current trajectory indicating a probable climb of up to 20% towards the coveted $300 mark. This analysis delves into the nuanced factors driving BNB’s recent surge, the strategic levels to watch, and the overall market sentiment that could influence its journey. Binance Coin Price Overview: Catalysts and Momentum Binance Coin has emerged as a standout performer in the recent crypto market dynamics, particularly as Bitcoin reaches $42,599 and Ethereum soars to $2,204. Amidst this bullish backdrop, BNB has exhibited notable gains, currently resting at $254. The market’s growing optimism, fueled by the anticipation of BTC spot exchange-traded funds (ETFs) approval in January, has become a driving force behind the surge in various cryptocurrencies. However, the crypto space remains on edge due to the lingering uncertainty surrounding potential pre-approval sell-offs or rallies. In this context, Binance Coin appears to be charting a course of least resistance, paving the way for potential upward movements. BNB’s Path to $300: Technical Analysis As we dissect the technical aspects of Binance Coin’s recent performance, it becomes evident that the coin is in the early stages of a compelling rally with a target set at $300. Key indicators underscore the positive trajectory: Exponential Moving Averages (EMAs): BNB has maintained its position above crucial levels, as indicated by three applied MAs. The 50-day Exponential Moving Average (EMA) in blue, currently at $237, serves as foundational support. Additionally, the confluence support created by the 21-day EMA (in green) and the 200-day EMA (in white) adds further strength to BNB’s position. Trendline Breakout A pivotal moment in BNB’s recent journey was the breakout from the descending trendline resistance. This breakout, coupled with a spring from the horizontal ray support backed by the 50-day EMA, accentuates the bullish theory surrounding Binance Coin. Yellow Resistance Breakthrough The next breakout, anticipated above the yellow band on the chart, could be a game-changer. A successful retest of this yellow resistance may pave the way for BNB to surge towards the $300 milestone. Market Sentiment and Considerations With BNB’s trajectory pointing towards potential gains, traders need to exercise strategic considerations. As the coin makes strides towards the $300 target before 2024, cautious optimism is advised. Traders should be vigilant, considering potential obstacles at $260 and $280, which might pose challenges during the ascent. In conclusion, Binance Coin’s ascent in the crypto market reflects not only its individual strength but also the broader positive sentiment prevailing in the space. The journey towards a climb to $300 holds promise, and strategic awareness of key levels will be instrumental for traders looking to capitalize on BNB’s upward momentum. As BNB continues its climb, the crypto community watches with anticipation to see if it can conquer the challenges and emerge triumphant in the ongoing crypto rally.
Long
by TheCryptoCity
BTC Bullish 🌞 24H & 3D Horizons; 🐻ish ☁️ & Downtrend in 1 WeekA bullish sun 🌞 will shine over the global crypto market in the next 24 hours, signaling an upside trend. Bitcoin basks in the sunlight, currently exhibiting a bullish trend on both the 1-day and 3-day horizons. 🌞 However, over a one-week horizon, bearish clouds will sweep in, indicating potential downside risks ahead for Bitcoin and most alts, as forecasted by ATTMO. ☁️📉 Follow us for more crypto weather reports!
BITSTAMP:BTCUSD
by ATTMO
BTC“Bitcoin Price Roared Back to Life with a 5% Rally, but Can Bulls Muscle Through the $43,500 Resistance?” In the dynamic realm of cryptocurrency, Bitcoin (BTC) recently staged a resolute comeback, surging by over 5% from the $40,500 support zone. This marked a pivotal moment for Bitcoin, as it attempted to shatter a crucial bearish trendline and climb above the formidable $43,500 resistance. In this comprehensive analysis, we’ll delve into the recent price movements, key technical indicators, and the potential scenarios that could shape Bitcoin’s trajectory in the coming days. ETH, Ethereum, BTC, Bitcoin. Cryptocurrency, s4style Bitcoin’s Resurgence: Bitcoin initiated a strong upward climb from the critical $40,500 support zone, showcasing resilience in the face of recent market fluctuations. The price is currently trading above $42,000 and the 100 hourly Simple Moving Average, indicating a positive outlook for further upward movement. A noteworthy development was the break above a major bearish trendline with resistance near $41,850, as observed on the hourly chart of the BTC/USD pair. Technical Indicators and Rally: The surge in Bitcoin’s price was accompanied by a steady increase above the $41,200 and $42,000 levels. A significant breakthrough occurred with the rally above the $43,000 resistance zone, underscoring the bullish momentum. However, the key challenge lies ahead, as Bitcoin grapples with the formidable $43,500 resistance. The current consolidation phase is occurring above the 23.6% Fib retracement level of the upward move from the $40,515 swing low to the $43,464 high. Resistance Levels and Potential Breakout: As Bitcoin hovers near the $43,500 resistance, immediate resistance is noted at $43,250, with the first major hurdle forming near $43,500. A close above this crucial level could initiate a steady increase, setting the stage for a potential climb toward the $44,200 resistance. A clear move beyond $45,000 might signal a meteoric surge, with the possibility of testing the $46,500 level. Investors are closely monitoring these key levels for signs of a sustained breakout. Downside Scenarios and Support Levels: However, the cryptocurrency market is inherently unpredictable, and caution is advised. If Bitcoin fails to rise above the $43,500 resistance zone, a fresh decline could ensue. Immediate support on the downside is anticipated near the $42,750 level. The next major support lies around $42,000 or the 50% Fib retracement level of the recent upward move. A breach below $42,000 poses the risk of further losses, with the price potentially dropping toward the $40,500 support in the near term. Conclusion: Bitcoin’s recent rally has injected optimism into the market, signaling a resolute comeback after testing the $40,500 support. The battle at the $43,500 resistance is a pivotal moment that could determine the cryptocurrency’s short-term trajectory. As Bitcoin attempts to muscle through this key level, investors are on the lookout for signs of a sustained breakout or a potential reversal. The interplay between bulls and bears will undoubtedly shape the narrative in the coming days, making it a crucial period for market participants navigating the ever-evolving landscape of Bitcoin’s price movements.
by TheCryptoCity
2
Global Crypto Market Looks 🐻ish; ☁️ & 📉 for BTC & Most Alts Rain 🌧️ and bearish clouds ☁️ linger over the global crypto market in the next hours and week, indicating downside risks ahead. Bitcoin is slightly bearish, too, with the possibility of some sun ☀️ and a small rebound in 3 days. However, further downside is anticipated in a week. 📉 Only Binance Coin and Dogecoin are likely to see some sun ☀️ later this week, signaling some upside potential over a one-week horizon. 📈 Follow us for more crypto weather reports!
by ATTMO
"CFX/USDT Long Setup: Bullish Breakout from Falling Wedge PatterTrade Setup for #DYDX/USDT: Long Position Analysis: DYDX has broken out of a falling wedge pattern, indicating a potential upward trend. The current price (CMP) serves as the entry point. The breakout is being retested, suggesting a potential confirmation of the bullish move. Entry Point: Current Market Price (CMP) Additional Positions: Consider adding more if the price drops to $2.870 Targets: $3.4 $3.9 $4.35 $5.2 $5,8 Stop Loss (SL): Set the Stop Loss at $2.825 to limit potential losses. Leverage: Use leverage cautiously: 5x to 10x. DYOR
Long
by CRYPTOMOJO_TA
2
BTC - ☀️ 24H Forecast - Bullish; 🐻ish ☁️ In 1 Week? A bullish sun ☀️ will shine over the global crypto market in the next 24 hours, with the exception of Cardano and Avalanche which face cloudy, bearish trading conditions. ☁️ Over a one-week horizon, these bearish clouds will dominate, indicating a downside risk for Bitcoin, Ether, and other altcoins. ☁️ Some smaller crypto coins such as Cardano and Binance Coin will, however, profit from a bullish sun. ☀️ Follow us for more crypto weather reports!
BITSTAMP:BTCUSD
by ATTMO
ADA 🐻ish ☁️ - 24-Hr Forecast - Downside Risk;Rebound In 1 Week?A bullish sun ☀️ will shine over the global crypto market in the next 24 hours, with the exception of Cardano and Avalanche which face cloudy, bearish trading conditions. ☁️ Over a one-week horizon, these bearish clouds will dominate, indicating a downside risk for Bitcoin, Ether, and other altcoins. ☁️ Some smaller crypto coins such as Cardano and Binance Coin will, however, profit from a bullish sun. ☀️ Follow us for more crypto weather reports!
by ATTMO
BITCOIN (BTCUSD): Trading Plan Ahead of FOMC ₿ As you probably know, we are expecting FED Interest Rate Decision and FOMC today. These news may dramatically affect all Dollar-related instruments. Bitcoin is currently approaching a support line of a rising wedge pattern on a daily. After showing the signs of weaknesses with a formation for a double top, the market already dropped. Bearish breakout of the support of the wedge will extend the correction on BTC. A bearish movement will be anticipated at least to 39000 then. Alternatively, very positive news will push the market to retest the current highs. ❤️Please, support my work with like, thank you!❤️
COINBASE:BTCUSDShort
by VasilyTrader
1