Bitcoin's strategic technical analysis
2024-12-16
Category: None

Looking at the chart, we can see that the price started to fall a few minutes ago and fell to the buyer's area, breaking the support level, and trading there for a while. Later it tried to rise, but failed and quickly fell back to the buyer's area, after which there was a strong upward impulse, breaking through the 95500 and 102200 levels. Next, the price rose further and then fell to 90500 points, after which it fell back and began to trade inside the triangle pattern. In this pattern, BTC almost rose to its current support level and then began to fall. In a short period of time, the price fell to the 95500 support level, and even lower, falling to the support line of the triangle, which coincides with the buyer's area. Then BTC rebounded and rose to the 102200 level, after which it made a small adjustment and then continued to rise. After a while, the price reached the 102200 level again, broke through it, and now BTC is trading in the support area, very close to the resistance line of the triangle. Therefore, in this case, I think that BTC can rise slightly and then continue to fall to the support line of the triangle pattern, breaking through the support level. That is why I set the target price at 98,900 points, coinciding with this line.