Last weeks high: $38451.2
Last weeks low: $37035.2
Midpoint: $35619.1
Bitcoin continues its choppy price action as the 38.5k resistance remains intact despite 4 separate attempts to break above.
This type of price action has allowed other altcoins to run up double digit gains, however the microcaps and meme coins are benefiting the most in recent days and that usually spells a big move for BTC is coming soon.
Consolidation under key resistance along with multiple attempts chipping away at the key level point towards a break above 38.5k soon. If this were the case I do think care would need to be taken in going long as the bulls do seem to be running out of steam as of late as investors/traders look to sell positive news instead of adding to longs, a sign of an exhausted rally.
Personally I think a bull trap would be the most painful move the market could make here, a swing fail pattern taking liquidity above resistance before falling back down and giving us a healthy correction going into the new year, perhaps targeting 32.5k area.
We also still have the looming ETF decision which would kickstart the real Bullrun, however I do believe should that happen there would be more FUD on the lead up to that decisions so institutional investors can get BTC at a better price. It did seem like that was the goal with the BINANCE hearing last week however the market did not react as negatively as the SEC would have hoped.
Last weeks low: $37035.2
Midpoint: $35619.1
Bitcoin continues its choppy price action as the 38.5k resistance remains intact despite 4 separate attempts to break above.
This type of price action has allowed other altcoins to run up double digit gains, however the microcaps and meme coins are benefiting the most in recent days and that usually spells a big move for BTC is coming soon.
Consolidation under key resistance along with multiple attempts chipping away at the key level point towards a break above 38.5k soon. If this were the case I do think care would need to be taken in going long as the bulls do seem to be running out of steam as of late as investors/traders look to sell positive news instead of adding to longs, a sign of an exhausted rally.
Personally I think a bull trap would be the most painful move the market could make here, a swing fail pattern taking liquidity above resistance before falling back down and giving us a healthy correction going into the new year, perhaps targeting 32.5k area.
We also still have the looming ETF decision which would kickstart the real Bullrun, however I do believe should that happen there would be more FUD on the lead up to that decisions so institutional investors can get BTC at a better price. It did seem like that was the goal with the BINANCE hearing last week however the market did not react as negatively as the SEC would have hoped.
The rejection strength is quite significant so far however we are still in the early stages of this pattern, I'm keeping a close eye on todays close as I fear a close below the previous weeks high would introduce some sell side pressure.
A close above would be bullish and the 40k's are in sight. Just observing for now and let the market show its intentions.