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Every day for nearly 10 years, I have updated BTC in the various groups I have owned or worked for.
Follow as I post them here for the next 7 days!
BTC UPDATE 21/12/2024
BTC has shown resilience, bouncing successfully in the current region with a successful retest, indicating strong buying interest. However, we’re not out of the woods yet—the market remains cautious, and confirmation is still needed for the next bullish leg.
Key Weekly Pivot to Watch: $100,831
The weekly pivot at $100,831 is the critical level to reclaim.
A close above this pivot would signal renewed bullish momentum and confirm the bounce as more than a relief rally. There may still be one more retest in the lower region, but a more condensed corrective pattern would reflect the support as holding.
Scenarios to Prepare For
Bullish Case: Close Above $100,831
A weekly close above this pivot could open the door to:
Testing resistance zones around $105K to $108K.
Reaffirming BTC’s macro uptrend and restoring market confidence.
Bearish Case: Failure to Close Above $100,831
If BTC fails to hold or close above this region:
Expect a potential revisit to support around $95K to $94K.
Increased sell pressure could lead to deeper retracements, possibly targeting $85K as a more substantial support zone.
Key Indicators to Monitor
Watch RSI and MACD for signs of overbought or oversold conditions near key levels.
Volume: A strong breakout above $100,831 should be accompanied by increasing volume, signalling conviction from buyers.
Daily and Weekly Candle Closes: Focus on higher timeframes (daily and weekly) for confirmation of direction.
Momentum Indicators: Watch RSI and MACD for signs of overbought or oversold conditions near key levels.
