$BTC
(BTC/USDT on a 1-hour timeframe with VWAP), here’s a technical analysis:
1. Trend Analysis:
Bitcoin is in a short-term bullish trend, as evident from the strong upward movement on December 5th.
The price broke out of a consolidation phase, moving significantly higher.
2. VWAP:
The price is currently trading above the VWAP (blue line), which suggests bullish momentum. Traders may interpret this as a sign that buyers are in control.
3. Support and Resistance:
Immediate support: Around $100,740 (near VWAP), which aligns with a potential pullback level.
Resistance zone: Around $104,000, as this was the recent high where selling pressure seems to have emerged.
4. Volume Confirmation:
The 24-hour volume shows a healthy level of activity. The breakout seems to have been supported by strong buying pressure, which is positive for continuation.
5. Price Action:
The recent rally might face some profit-taking, leading to a potential short-term pullback toward the VWAP or support zones before resuming upward.
6. Indicators (visual observation):
If momentum continues, the next upside target could breach $104,000 and head toward the $108,000 level.
A breakdown below $100,740 (VWAP) might indicate weakening bullish momentum.
Strategy:
For bulls: Look for pullbacks near the VWAP or support zones for potential entry points.
For bears: Watch for rejection around $104,000 to consider shorting opportunities with tight stops.
