BTC Daily Chart 11th December 2023

As suggested in my last idea, BTCUSD wasn't able to pass 45K and had a small correction towards 40K.

Bullish : If BTC manages to stay above 40K and claim it as support, we could see another rally towards 48K.

(Somewhat) Bearish : If BTC drops (and closes) below 40K, the correction will go deeper to retest 38K as support.

Comment:

So far BTC has been to hold it's ground above 40K, in the next hours (or maybe 1-2 days) we might see a retest of this support level.

If BTC manages to succesfully retest 40-41K as support, we will see a new attempt to break the 45K resistance line. If it breaks, the rally could go all the way to 48K.

If BTC fails to hold the 40K support, it will drop towards 38K, which hopefully acts as a second support line.

Comment:

On the 4h chart we can see BTC consolidating in a symmetrical triangle (purple trendlines). A symmetrical triangle is usually a continuation pattern and as it follows a sudden drop (45-40K), it is more likely for BTC to breakdown from this triangle and continue it's drop towards 38K.

On the more bullish side, if BTC manages to breakout above the triangle, and can push higher than 42,5K (50MA line), a new run towards 45K is likely.

Comment:

BTC was able to breakout of the small symmetrical triangle (which i identified in my last update). The breakout was succesfull as there was a close above the triangle and a retest as support.

On the 4h chart I am starting to detect a new larger symmetrical triangle formation which means we could have some more consolidation in the near future before continuing higher. On a timescale, I am not expecting to see much action untill next week.
After this consolidation period it is more likely for BTC to continue higher towards 45K, which IMO is the next real resistance that BTC has to conquer.

Comment:

BTC had a brief breakdown from the symmetrical triangle but was able to find support on the upper ascending channel trendline. Because of the quick recovery from the breakdown, BTC has formed a bullish double bottom formation with neckline at 43,5K.

In order to go higher, BTC will have to break the 43,5K neckline first before it can make another attempt at breaking the 45K resistance line (which is the real resistance test).

Comment:

Yesterday, BTC was able to break the double bottom neckline. It struggled a bit to maintain this level but by the end of the day was able to make a close above the neckline.
On the 4h chart we can see BTC trying to find support on the neckline and seems to be succeeding atm. If BTC can find enough support this will clear the way towards for another attempt to break the 45K resistance line.
But BTC will have to make it's move soon because during the holiday season, when banks are closed, we probably won't see enough momentum to make higher highs and break such a significant resistance line.