 Are we going to fill or tap the closest gap for Bitcoin?
2024-12-30
Category: None

At the current price point, Bitcoin shows signs of consolidation

On the daily chart, price has tested the 50-day moving average multiple times, suggesting this level around $93,147 is a key support. However, the recent bounce from this support has been weaker, indicating potential further downside or consolidation.

On the 6-hour timeframe, price is trading below both  m_rvwap and w_rvwap.

If we fail to reclaim or we get rejected at 96k, higher chance we retest 87.3k to sweep those local lows.

We have FVGs or imbalances below. The question is, are we going to fill or tap the closest gap at 81.7k?

The FVG is often seen as a price zone where the market has not fully absorbed all the information, leading to abrupt price changes. Given the current technical setup, there's a possibility that BTC might revisit or "fill" this gap, especially if the market continues to show bearish signals or if the current consolidation leads to a deeper correction. However, filling an FVG is not guaranteed and depends heavily on market dynamics at the time.

The current analysis suggests a cautious short-term outlook with a potential for testing lower levels due to the observed bearish signals. The 81.7k level, could indeed act as a magnet for price action due to historical significance or technical confluence. However, whether BTC will "tap" this level depends on broader market sentiment, incoming news, and the reaction to key support level at 93.6k.