BITCOIN → Consolidation before the breakout. When do we go up?
2024-12-14
Category: None

BINANCE:BTCUSD  continues to consolidate, but within a strong bullish structure. The price is approaching the trigger, the breakout of which may provoke the formation of an upward impulse

  

Globally, the coin is still in the phase of realizing a global " cup and handle ", which I reminded one of the first back in August:

  

A good signal that hints that the growth is likely to continue is the fact that after a strong growth and testing 100K the price does not fall, but consolidates with gradually rising local lows, it is also worth paying attention to MA-50, which acts as a strong support. Within this consolidation we have clear zones, within which the price is trading and accumulating potential, and there is also a clear trigger, the breakout of which can provoke the continuation of growth (distribution). 
But next week is the Fed meeting on December 17-18, and there may be short-term market manipulative reactions. Be careful

 Resistance levels: 101.8K, 104.1K
Support levels: 98.9K, 94.15K 

Technically, the focus is on 101.8 - 98.9. Consolidation is forming inside this channel. I do not exclude a chance of support retest in the format of a false breakdown before further growth. Another deep correction to the lower liquidity zone - 94.1K is also possible. But until the price breaks 101.8, bitcoin will not go up, and based on the chart, the event is close and the chance is high

 Rate, share your opinion and questions, let's discuss what's going on with ★  BINANCE:BTCUSDT  ;) 

Regards R. Linda!