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Bitcoin Analysis: December 23, 2024 - Consolidation or Rebound?Hello, this is Greedy All-Day. Let’s dive into the Bitcoin analysis for today. Weekly Chart Analysis Looking at the Bitcoin weekly chart, we can identify two main yellow box zones that represent Bitcoin’s historical trading frames. Currently, in the blue box zone, Bitcoin has moved into a new frame. Examining the weekly candles, we see that the current red candle is engulfing the previous week’s green candle. As the weekly close approaches in just a few hours, it is highly likely that this bearish engulfing candle signals a consolidation phase within the frame. If we look at the green box, a similar scenario occurred in the past: after a new high was reached within the previous frame, a bearish candle emerged, followed by approximately 9 months of sideways movement. While it is unclear how long the current frame will last, the appearance of this week's red candle is not a particularly optimistic signal for future bullish momentum. The red box, which has provided support since November 2024, becomes critical. A breakdown below this zone could signify a breach of approximately five weeks of sustained support, increasing the likelihood of retesting the weekly 20-MA or even breaking below it. However, since the red box zone has not yet been decisively breached, it is still possible for Bitcoin to move sideways within the current frame. For those holding long positions, there is no immediate cause for alarm unless the price breaks below 89,400 or fails to hold the support of the weekly 20-MA. If either of these scenarios occurs, it may signal a trend reversal. Keep this in mind as you approach your trades. Daily Chart Analysis The key level to watch on the daily chart is 89,400, which coincides with the entry zone for the Ichimoku Cloud. Since November, Bitcoin has not encountered significant resistance around the daily 20-MA. However, the recent resistance at this level suggests a weakening of bullish momentum. At this point, it’s crucial to determine whether Bitcoin will: Receive support and rebound above the key levels, or Retrace further to 73,800, which was the previous frame’s entry level, and test the short-term ascending trendline. 4-Hour Chart Analysis To confirm a rebound, Bitcoin must first establish a solid foothold above the 4-hour 20-MA. Although there was a brief attempt to break above the 20-MA on December 20, 2024, Bitcoin failed to sustain its position, leading to further corrections. This indicates that surpassing the 20-MA remains a priority before addressing resistance levels. The second critical level to monitor is 99,485, which currently serves as a resistance zone. A breakout above this level would indicate diminishing selling pressure. This would also confirm the current frame's significance as Bitcoin potentially targets the next key resistance near 109,000. Conclusion Is the market overheating, or is a rebound on the horizon? Despite years of observing charts, the emergence of new wealth in this market suggests we are experiencing unique dynamics. Opportunities always arise during cycles, but entering the market during periods of rapid growth often results in losses rather than gains. Sometimes, waiting can be the best strategy. I’ll continue to provide analyses to help guide your trading decisions. Please follow me for more insights!
by Greedy_allday
BTC/USDT Strategic Trading OverviewKey Timeframes and Trading Opportunities: 1-Hour Chart: Bearish Sentiment: The prevailing downtrend suggests caution; look for stability or reversal signs before entering long. Support Level: The key support at $100,000 must hold to avoid further decline. Resistance Level: A break above $101,500 could signal a short-term trend reversal to the upside. 4-Hour Chart: High Volatility: This creates opportunities for both short and long trades based on price action around key levels. Support Level: Strong support is again at $100,000, acting as a psychological and technical pivot. Resistance Level: $102,500 is the major resistance, providing a clear target for any bullish momentum. Daily Chart: Overall Bullish Trend: The long-term trend remains upward, making dips potential buying opportunities for long-term investors. Support Levels: Major long-term supports are at $98,000 and $95,000. Resistance Level: Watch for resistance at $104,000 which if broken, could lead to new highs. Trading Strategy Points: Risk Management: Always use stop-losses to protect trades against sudden market moves. Adjust stop-losses according to the timeframe of your trade. Entry Points: Long Positions: Look for confirmation of support holding on lower timeframes with additional bullish signals such as candlestick patterns or momentum shifts. Short Positions: Initiate near resistance levels if bearish reversal patterns appear, especially on higher timeframes. Exit Points: Take Profit: Set just below resistance levels for long positions and above support levels for short positions to capture the most likely price movements. Volume and Momentum: Use volume indicators to confirm entry and exit points; momentum indicators like RSI and MACD can help identify potential market turns or continuation signals. Conclusion: BTC/USDT traders should stay adaptable to changes in market conditions across different timeframes. Combining insights from multiple charts will help in crafting a more nuanced trading approach, catering to both quick scalps and longer-term trades based on the identified support and resistance levels.
Long
by EliteTradersChoudharyJI
Technical Analysis of Bitcoin (BTC) - 4 Hour Chart### Technical Analysis of Bitcoin (BTC) - 4 Hour Chart Current Trend Overview: Bitcoin has been exhibiting a rising wedge pattern on the 4-hour chart, indicating a potential reversal in the prevailing bullish trend. A rising wedge often suggests exhaustion in the buying pressure, leading to a breakout to the downside. Pattern Analysis: - Rising Wedge Formation: The rising wedge is characterized by converging trendlines that slope upward. The upper trendline connects higher highs, while the lower trendline connects higher lows. This formation typically forecasts a bearish reversal once a breakout occurs beneath the lower trendline. - Breakout Confirmation: A recent breakdown below the lower trendline of the rising wedge confirms the bearish sentiment. Traders often look for increased volume on the breakout for confirmation, suggesting strong selling interest. Price Targets: With the breakout indicating a shift to bearish momentum, several potential target areas can be set based on prior support levels and Fibonacci retracement zones. Here are the target areas: 1. Target 1: 99,000 - This level acts as a psychological support, as it aligns with previous highs and may attract buyers attempting to step in. 2. Target 2: 97,500 - Slightly below Target 1, this level has been a notable area of price action in the past and may provide a bounce point. 3. Target 3: 95,000 - This area has potential as a strong support level, influenced by previous price consolidations and fib levels. 4. Target 4: 93,500 - As selling pressure continues, this target corresponds to previous swing lows, which can be pivotal for the price trend. 5. Target 5: 91,000 - If price action continues to decline, this further downside target can set the stage for deeper corrections. Additional Indicators: - Volume Analysis: Observing trading volume is crucial in confirming the breakout's validity. If there is substantial volume accompanying the downward movement, it reinforces the bearish outlook. - RSI and MACD: Monitoring overbought/oversold levels through indicators like RSI may provide insights into possible reversal points or confirmation of continuation in the downtrend. A bearish crossover in MACD could also signal downward momentum. Conclusion: Given the current technical setup with the rising wedge pattern and confirmed breakout, Bitcoin appears poised for a bearish phase in the immediate future. Traders should remain vigilant and consider risk management strategies, keeping an eye on the outlined target areas for potential buy opportunities or sell-stop adjustments. Always ensure to reassess the market sentiment and broader trends, as cryptocurrency markets can exhibit high volatility and rapid shifts in sentiment. If this post is useful to you, you can support me with like/boost and advice in comments!
Short
by SRFXGlobal
BTC IS UP SOONBTC has entered the support zone. Currently waiting for the 1-hour entry signal (built a new indicator). RSI 1-hour divergence, would be cool to see it also on 4h. It gets bullish with a good entry soon. RM 1N6 pretty ok swing. Indicator. I’ve built a custom trend-based indicator that provides buy/sell signals with 80% efficiency. With a solid risk management (RM) strategy that includes simple stop-loss (SL) and stop-loss exit (SLX) rules, it can achieve near 100% effectiveness. It works across all timeframes—you just need to analyze each timeframe before entering a trade. The indicator highlights potential reversal zones based on the current trend and within 1 candle, making it ideal for scalping but also effective for longer positions, such as swing trading. I’m still refining it, but unfortunately, TradingView (TW) isn’t the best platform for this type of code, so I’ll be exploring other options to complete the development of this trend-based signal indicator. I'll post an example with open position to show it works within the next setup up if you are interested. Let me know.
Long
by KeylessCrypto
Bitcoin Price Action: 12-Day Cycles ObservedIn this chart, Bitcoin's price action on the 4-hour timeframe reveals a repeating cycle occurring approximately every 12 days. Key observations include: First Cycle (Nov 22 - Dec 5): A period of consolidation followed by a breakout, spanning 12 days and 8 hours with significant trading volume (~455.79K). Second Cycle (Dec 5 - Dec 17): Another 12-day period with a similar breakout structure, supported by consistent volume (~446.68K). Current Movement (Dec 17 - Dec 29): Bitcoin appears to be aligning with the same cyclical behavior, suggesting a potential breakout within this timeframe. These patterns suggest that BTC may be following a structured rhythm, providing traders with actionable insights for timing entries and exits. The orange and blue trend lines highlight the broader ascending channel, while the white trend lines mark shorter-term consolidations within these cycles. Does Bitcoin truly follow a predictable cycle, or is this coincidence? Share your thoughts and strategies below! 🚀
Long
by AVisha2000
BTC MT GOX FEVER - 110K WEN? or 101k NOW?As mentioned on my earlier charts fr, MT GOX did move and mentioned it would come to 103K and so shorts from 108k was too good as said, expecting a small range up. Ideally i would go for shorts to 101,637 but ugh huge tpo are lying here so expecting solid green candle, ideal my scenario is to short again on the highs and if vol comes would book SL. SO If i speak english i short now and wait till 101k and if not i give up at 104k which i know is happeneing but i still want to.. IDeally the news fever is gone so neutral view but still can churn ways out.
Short
by MastaCrypta
BTCUSDT Expert Price Action Buy/Sell Strategies!BINANCE:BTCUSDT ALEXGOLDHUNTER Chart Analysis: Bitcoin (BTC) vs Tether (USDT) on Binance (1-Hour Timeframe) Key Levels and Zones Strong High: Around 96,570 USDT Swing High: Around 95,596 USDT Swing Low: Around 94,400 USDT Order Block (OB): Around 97,340 USDT Break of Structure (BOS): Indicates potential reversal or continuation Change of Character (CHoCH): Indicates trend reversal Fibonacci Retracement Levels 0.786: 96,570.2239 USDT 0.705: 92,474.48075 USDT 0.618: 95,596.8307 USDT 0.5: 95,225.995 USDT 0.382: 95,095.1593 USDT Buy Strategy Entry Point: Look for a bullish reversal pattern or strong bullish candle near the support level around 94,400 USDT or the 0.382 Fibonacci level at 95,095.1593 USDT. Confirm the trend reversal with a Change of Character (CHoCH). Stop Loss: Place a stop loss below the recent swing low at 94,400 USDT to minimize risk. Take Profit: First target at the 0.618 Fibonacci level at 95,596.8307 USDT. Second target at the strong high around 96,570 USDT. Final target at the order block (OB) around 97,340 USDT. VIP Signal Format (lowercase) entry: 94,400 USDT tp1: 95,596.8307 USDT tp2: 96,570 USDT sl: 94,000 USDT Disclaimer This analysis is for educational purposes only and should not be considered financial advice. Trading cryptocurrencies involves significant risk and may not be suitable for all investors. Always conduct your own research and consult with a professional financial advisor before making any trading decisions. Follow @Alexgoldhunter for more strategic ideas and minds
by Alexgoldhunter
$BTC - Crucial Level We got a nice absorption into 92k, price rebounded with bullish flows in equities this brought back the passive buyer behind price. So far, we're holding 96k during the weekend, however, weekly close will be a tell-tell as we need to get above m_rvwap We're now rejecting at 98.5k and if we can't get above our m_rvwap , higher chance we'll slow bleed until 88k to 86k. 98.5k is a crucial level to reclaim in the short term, else, will consider this as bearish retest.
by Tealstreet