Bitcoin starts a new year, new cycle

Happy New Year everyone!

BTC closed it around 7165 and so that will be the new important support and resistance zone for all future price movements. Mark it on your charts. Next most important zones are 6430 for support and 8300 for resistance. Within this month closer SR zones at 6800 and 7600 will be surely tested.

Today we have pretty complicated situation (will be updating this review regularly). On one hand ~7050 support was main target for many shorts and it received nice volume on bounce. On the other, 7160 became resistance, and we know it is a strong one. Now expecting BTC to test that resistance and result will define the future. Failure may dump it to lower levels at 6800 - 6500.

Why new cycle? Because according to previous history this year should start a new bullish period of Bitcoin. I really hope that demand won't shrink and halving will have the same result it had all previous years. See below.

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BTC done it all in one day - dumped below year SR level 7160, tested 6800 support (bounce a bit higher from 6855) and pumped back above year SR, making it support again. While above that support, BTC is heading towards 150k (in far future of cause). In the near future we may expect a re-test of 7160 (7200 for Binance). Bullish targets 7550 - 7700.

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Important period for BTC as it is close to make its first higher high visible at day timeframe (for week it would be much higher above 10600). Resistance at 7550 was my long time nearest short target, but I'd prefer to wait and see how far it can grow from here. Another interesting moment - dominance falling since December 23rd and now at 69.5 support (TV has different values). At the same time alts index growing but a little overbought. Trade volume dropping. So we may expect spike in both volume and dominance soon - sharp move is coming for BTC.

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Happened as was written in yesterday review - dominance bounced and BTC price pumped to 8000. At 4 hours chart look overbought and seem to be good zone for shorting, but day timeframe still has some room to grow, and strongest resistance above at 8300. Will it grow more on this impulse move, or pullback, in any case BTC made higher high - that is all that matters.

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Main resistance zone 8300 is tested and almost got to 8550

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Exponential moving averages near potential bullish crossover - important factor.

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At Ichimoku price under base line resistance. Another important factor - this time bearish.

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BTC price is at borders of CME futures gap. Usually after crossing the gap, price moves further in taken direction, so we may expect it to hit 7550-7460 before reversing (Bitmex/ByBit price)