ptkt

[Updated at 13:30 on 04/12/2024]
BTC
The price is being held steadily above the Support line.
Additionally, the price has touched Resistance multiple times within a short period (4 times/8 days) => the possibility of breaking through Resistance may occur => This is a common price behavior in terms of Technical Analysis.
To continue the upward momentum, BTC needs to create a High-Low pattern on the 4-hour chart to have a reasonable bounce.
Target price: 110000
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#BTC in this uptrend can easily continue to the 46k zone and touch the peak distribution zone before the ETF approval news is announced

The common characteristic of BTC is [increase / decrease -> sideways distribution -> increase / decrease]

So it is very likely that#BTCwill stay here waiting for news until around January 10 - January 15

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Bitcoin reverses in a new direction

Bitcoin increased yesterday, creating bar D1 that increased in a wide range and closed close to the peak, showing good buying pressure. The increasing bar D1 yesterday was approximately as large as the previous decreasing bar D1. Combining these 2 D1 bars is a Double Bottom candlestick pattern - Tweezer Bottom - a candlestick pattern reversing from bearish to bullish.

The confluence support zone combines three technical factors: (1) PPZ, (2) the round number 60,000, (3) the resulting upward sloping trend line, creating an effective price support for Bitcoin D1. This is something we analyzed earlier.

Bitcoin D1 is in a sideways state because it has not yet created a new high price peak. Bitcoin's D1 chart structure is bullish, as the highs and lows of the price gradually increase.

Bitcoin H4 just had a series of 05 continuously increasing H4 bars, showing very good buying pressure from below.
The behavior of the price breaking up from the upper boundary of the downward sloping price channel - bearish channel - is a factor supporting the possibility of price increase.

Today's Bitcoin H4 scenario is buying, including (1) buying if there is a breakout to the upside and then retesting afterwards, (2) buying if the price drops to retest the PPZ below, because a pattern may form. The inverted head and shoulders pattern - is a chart pattern that reverses from bearish to bullish.

#hotTrends $BTC #ptkt