Lets have a look on the year end performance on bitcoin. Where it wiped off the ATH formed during the recent bull run after a correction has been made close to 30K levels.
On the monthly base its a clear pull back or retracement close to 61% where a strong demand zone has found near the 42k area. We have seen a long held bearish market since Novemeber meanwhile we can expect the same bullish sentiments at this level.
Christmas showed up a good bullish momentum in the crypto space where now those gains has completely wiped out before the New Year.
Through the previous analysis I have mentioned that we have an very important resistance or supply level holding at 52k where if price visits back this area and fails to break and hold above this price level this can drop back close to the supports formed at 45k and 40k etc. You can find the previous analysis here >> traderchamp.site/202...after-consolidation/
On the daily timeframe I have highlighted the sell offs happened during this 52k resistance and as mentioned earlier for the third time we have seen another sell off.
https://traderchamp.site/wp-content/uploads/2021/12/BTCUSD_2021-12-24_17-40-02.png
This is the chart which I used to highlight the key levels of supports and resistances formed on Bitcoin’s Daily timeframe.
https://traderchamp.site/wp-content/uploads/2021/12/BTCUSD_2021-12-30_11-23-35.png
On H4 timeframe we can spot a very clear trend breakout on the bearish wave while I have spotted another important minor support which has been playing for Bitcoins lower timeframes for a while. We can see that price has revisited the minor support once again after the breakout formed. If this support remains stronger and helps for a bullish reversal this can play an important role on Bitcoin New Year performance.
https://traderchamp.site/wp-content/uploads/2021/12/BTCUSD_2021-12-30_12-46-09.png
Bitcoin formed another important structure, This ABCD pattern is very important to watch at this stage as it holds the expectations of many bitcoin holders. If this ABCD remains strong and bullish biased we will see a strong ride towards 60k.
On the monthly base its a clear pull back or retracement close to 61% where a strong demand zone has found near the 42k area. We have seen a long held bearish market since Novemeber meanwhile we can expect the same bullish sentiments at this level.
Christmas showed up a good bullish momentum in the crypto space where now those gains has completely wiped out before the New Year.
Through the previous analysis I have mentioned that we have an very important resistance or supply level holding at 52k where if price visits back this area and fails to break and hold above this price level this can drop back close to the supports formed at 45k and 40k etc. You can find the previous analysis here >> traderchamp.site/202...after-consolidation/
On the daily timeframe I have highlighted the sell offs happened during this 52k resistance and as mentioned earlier for the third time we have seen another sell off.
https://traderchamp.site/wp-content/uploads/2021/12/BTCUSD_2021-12-24_17-40-02.png
This is the chart which I used to highlight the key levels of supports and resistances formed on Bitcoin’s Daily timeframe.
https://traderchamp.site/wp-content/uploads/2021/12/BTCUSD_2021-12-30_11-23-35.png
On H4 timeframe we can spot a very clear trend breakout on the bearish wave while I have spotted another important minor support which has been playing for Bitcoins lower timeframes for a while. We can see that price has revisited the minor support once again after the breakout formed. If this support remains stronger and helps for a bullish reversal this can play an important role on Bitcoin New Year performance.
https://traderchamp.site/wp-content/uploads/2021/12/BTCUSD_2021-12-30_12-46-09.png
Bitcoin formed another important structure, This ABCD pattern is very important to watch at this stage as it holds the expectations of many bitcoin holders. If this ABCD remains strong and bullish biased we will see a strong ride towards 60k.