BTCUSD → The potential for a rise to 50K is accumulating

24 בדצמ׳ 2023

BTCUSD is forming a good potential and prerequisites for further growth. The key resistance is the level of 44350, and the price continues to actively test this area.



On the high timeframe we see the formation of a global range. The potential target from the point of view of technical analysis at the moment is the upper boundary of the range 65K - 70K, where a huge pool of liquidity is hidden.
Fundamentally, bitcoin is doing quite well, as the SEC has recently been actively cooperating with companies that have applied for a spot ETF. Analysts expect the first BTC-ETF to be approved in early January 2024: some sources have indicated that recent indications from SEC officials are that the green light is likely to be given by January 10.



In terms of technical analysis, an ascending triangle is forming on the chart. The key resistance of the pattern is the area of 44350 - 44500. This pattern can be interpreted as an active accumulation of buyers' potential for further overcoming the limit resistance formed by sellers. The price keeps testing the resistance and getting closer to the resistance.

At the moment there are two possible scenarios:

1. Retest of 43440 support, formation of a false breakdown with further retest of global pattern resistance and its breakout with further growth.
   
2. Deeper correction: retest of the resistance of the previously broken ascending channel with further rebound and retest of the global resistance with the aim of its breakout.
   

Support levels: 43440, 41664, 41200
Resistance levels: 44350, 48234

I expect that consolidation will end soon and the market will move to the phase of realization and growth to the specified target.

Regards R. Linda!

24 בדצמ׳ 2023

הערה

some breaking news:
- rate of growth in the number of new wallets in blue-chip crypto indicates FOMO in momentum, especially in #BTC
- SEC asked funds to make final changes to their spot BTC-ETF filings by year-end - RTRS sources

24 בדצמ׳ 2023

הערה

25 בדצמ׳ 2023

הערה

interesting preconditions that price may test resistance for a breakout in the near future.
1) Price continues to move closer and closer to resistance. The market is implementing a price squeeze towards the limit resistance level of 44490
2) Strong bullish trend
3) Strong and favorable fundamental background
4) Price does not renew local lows
5) Strong pre-breakdown consolidation
6) Volatility is decreasing, which may favorably influence the breakout

27 בדצמ׳ 2023

הערה

Bitcoin continues to form consolidation
The price is testing the support I mentioned in the idea.
Possible bounce from 43440 before further growth to 44350.
The key level is 44350. A break of this resistance will form an impulse to 48234.

28 בדצמ׳ 2023

הערה

Rumors are surfacing that the SEC is ready to approve the BTC-ETF.

29 בדצמ׳ 2023

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