$BTC: December Starts Red! 🩸 The Zone of Truth.

It’s the first day of the week and the first day of the month, and Bitcoin is already down ~5%. The end of the year is usually bullish for crypto, but instead we got a brutal October followed by even more downside in November. Bitcoin closed November with a -17% drop, and now December is starting with another 5% decline. Will the crypto market continue to struggle, or is there still hope? Let’s discuss.

Let’s dive straight into the charts and see what’s going on. But before that, let’s recap what we discussed in last week’s update.

That trade we planned last week for a move into $93k worked out perfectly and as we discussed this move will change nothing bitcoin got rejected from the same zone.
Anyways lets discuss what can we expect now.
BTCUSD (Weekly)

The weekly chart remains unchanged. We’re still sitting around the monthly/weekly zone, but structurally it’s bearish as long as price is trading below $98k–$100k. There’s no reason to be a biased bull when the chart itself is bearish. As discussed in the last update, there will be some bounces in between, and we can keep an eye on those.
BTCUSD (Daily)

The daily chart remains in a downtrend, with price continuing to form lower highs and lower lows. The key level to watch is $93k, Bitcoin needs to break above this zone for us to start targeting higher prices.
Trade Plan?
This is more like a prediction than the trade with confirmation.

I personally want to see Bitcoin finds some support around $83k-85k zone, This could potentially give us a higher low and we can target $93k once again and potentially $98k. Today’s move is likely news-driven, coming from Japan. It’s a low volume move, and I wouldn’t be surprised if Bitcoin recovers.

That’s it for this week’s update. Overall, we remain in a downtrend. I don’t have a clear trade setup yet, what I shared above is more of a prediction than a trade plan because a higher low only confirms when price creates a higher high after.
Let me know your thoughts about BTC.