Financial Analysis: Bitcoin (
BTCUSD
) - December 19, 2023
Disclaimer: This analysis is based on publicly available information as of the provided date and is subject to change. It should not be considered as financial advice. Readers are encouraged to conduct their own research before making investment decisions.
Market Overview
In our latest analysis, we revisited the fractal patterns emerging in late 2015 to gain insights into the current market situation for Bitcoin (
BTCUSD
). After confirming a breakout above the daily support line and the 3D Candle Fibonacci level of $41,989, we anticipate a potential breach of the daily resistance level at $43,578. Upon confirmation, the market is expected to exhibit further bullish momentum, targeting the weekly resistance of $44,950.01.
Macroeconomic Factors
Recent positive developments in Europe, coupled with a rise in Deutsche Bank shares, have contributed to a favorable market environment. Additionally, last week's Federal Reserve news has had a positive impact on safe-haven assets, with gold experiencing a 0.74% increase since the previous week's close. The EURUSD markets also moved positively by 0.10% today. These factors, combined with growing money flow and smart money movements toward Bitcoin, suggest a positive outlook for the cryptocurrency.
Price Targets and Analysis
The identified take-profit level at the 50% Fibonacci retracement level, around $46,600, is expected to be reached effectively. Subsequently, we anticipate further momentum towards a liquidity gap at approximately $47,700, as late investors enter the market following a significant price move.
Global Market Dynamics
A notable observation is the potential twist on the horizon for
JPYUSD
, mirroring the trend in
EURUSD
and indicating a probable market reversal. Our analysis
and
EURUSD
Long, outlined in a previous report, aligns with the expectation of significant market corrections, possibly substantiating Michael Burry's theory of a possible US market crash.
Bitcoin's Unique Position
Bitcoin's independence from the USD is highlighted as a key factor in its purchasing confidence. As the US Dollar experiences a downturn, Bitcoin appears to be gaining traction as a safe-haven asset. It's important to note that Bitcoin's behavior is distinct from traditional financial assets, with its algorithm, including the relevance of mining rates, prevailing above potential correlations to other stocks or currencies.
Quantitative Analysis
Our proprietary market quantization indicator, W.ARITAS, is signaling a significant buildup of bullish momentum for future Bitcoin prices. However, it is crucial to acknowledge Bitcoin's tendency for significant corrections following large bullish movements. Notably, there are unfilled CME gaps at $34,000 and $28,000, which may need to be addressed before the cryptocurrency can reach new highs, potentially at $71,000.
Conclusion
In conclusion, the current market analysis suggests a favorable environment for Bitcoin, with positive macroeconomic indicators, technical breakout signals, and increased purchasing confidence. However, investors should remain vigilant and consider the potential for corrections, as observed in Bitcoin's historical price behavior. Additionally, global market dynamics, including the possible implications of a USD downturn, should be closely monitored for their impact on Bitcoin's performance.
BTCUSD
) - December 19, 2023 Disclaimer: This analysis is based on publicly available information as of the provided date and is subject to change. It should not be considered as financial advice. Readers are encouraged to conduct their own research before making investment decisions.
Market Overview
In our latest analysis, we revisited the fractal patterns emerging in late 2015 to gain insights into the current market situation for Bitcoin (
BTCUSD
). After confirming a breakout above the daily support line and the 3D Candle Fibonacci level of $41,989, we anticipate a potential breach of the daily resistance level at $43,578. Upon confirmation, the market is expected to exhibit further bullish momentum, targeting the weekly resistance of $44,950.01. Macroeconomic Factors
Recent positive developments in Europe, coupled with a rise in Deutsche Bank shares, have contributed to a favorable market environment. Additionally, last week's Federal Reserve news has had a positive impact on safe-haven assets, with gold experiencing a 0.74% increase since the previous week's close. The EURUSD markets also moved positively by 0.10% today. These factors, combined with growing money flow and smart money movements toward Bitcoin, suggest a positive outlook for the cryptocurrency.
Price Targets and Analysis
The identified take-profit level at the 50% Fibonacci retracement level, around $46,600, is expected to be reached effectively. Subsequently, we anticipate further momentum towards a liquidity gap at approximately $47,700, as late investors enter the market following a significant price move.
Global Market Dynamics
A notable observation is the potential twist on the horizon for
JPYUSD
, mirroring the trend in
EURUSD
and indicating a probable market reversal. Our analysis 
EURUSD
Long, outlined in a previous report, aligns with the expectation of significant market corrections, possibly substantiating Michael Burry's theory of a possible US market crash. Bitcoin's Unique Position
Bitcoin's independence from the USD is highlighted as a key factor in its purchasing confidence. As the US Dollar experiences a downturn, Bitcoin appears to be gaining traction as a safe-haven asset. It's important to note that Bitcoin's behavior is distinct from traditional financial assets, with its algorithm, including the relevance of mining rates, prevailing above potential correlations to other stocks or currencies.
Quantitative Analysis
Our proprietary market quantization indicator, W.ARITAS, is signaling a significant buildup of bullish momentum for future Bitcoin prices. However, it is crucial to acknowledge Bitcoin's tendency for significant corrections following large bullish movements. Notably, there are unfilled CME gaps at $34,000 and $28,000, which may need to be addressed before the cryptocurrency can reach new highs, potentially at $71,000.
Conclusion
In conclusion, the current market analysis suggests a favorable environment for Bitcoin, with positive macroeconomic indicators, technical breakout signals, and increased purchasing confidence. However, investors should remain vigilant and consider the potential for corrections, as observed in Bitcoin's historical price behavior. Additionally, global market dynamics, including the possible implications of a USD downturn, should be closely monitored for their impact on Bitcoin's performance.
🤖 w.aritas.io
