If buyers were to step in around this price level which has a strong support of about 43898$, there has been a bit of a consolidation period were news of a crypto meltdown has been produced on social media. The expected bitcoin halving and pump and dump news can not happen right away and technicals at the moment leading into the second week of 2024, if more buying pressure were to occur this week, that would cause a fourth month in a row of BULLISH momentum in this case JANUARY 2024 to push through its previous highs of 48234.. If we look at this chart from a weekly or monthly perspective there is still more this can run and in a chain effect would cause and effect the continued rally of bitcoin mining equities such as CLSK/hut or even MARA. The expectation for January is quite bearish, however looking at this from a larger POV if technical traders were to enter aground this price range it would further cement upwards momentum.
It is above the ichomoku cloud cover on the weekly, it can fall a bit but if support from buyers in the 44k range were to hop in this rally can continue. The moving average convergence divergence is in the overbought region on the weekly and on the daily buyers are reluctant to step in at the current price levels. The momentum created from buyers from a weekly and monthly perspective based on the MACD has more room to growth even if the RSI were to be in overbought region.
It is above the ichomoku cloud cover on the weekly, it can fall a bit but if support from buyers in the 44k range were to hop in this rally can continue. The moving average convergence divergence is in the overbought region on the weekly and on the daily buyers are reluctant to step in at the current price levels. The momentum created from buyers from a weekly and monthly perspective based on the MACD has more room to growth even if the RSI were to be in overbought region.
Comment:
Based on the monthly candle while observing the weekly and daily timeframe, this run can continue a bit longer as the first few days of the month of January looks to beat the previous months by volume alone
Comment:
Price had heavy support around 41454 on wed 03 Jan 2024, and 41509 on Fri JAN 12 JAN 2024. Keep a close eye on a possible reversal to the upside, 41680 had quite an increase of volume on Mon 15 JAN 2024. If volume were to increase towards the end of the month, as the weekly and daily candles are still above the ichimoku CLOUD COVER as mentioned previously. We could have a reversal underway, the moving average convergence divergence on the daily is looking a bit concerning. However with good news on the horizon, bitcoin etf for example. The expectation of BTC and other btc miners are quite bullish, if price were to fall some more and buyers dont step in at around 40710 Id re evaluate the move on BTC again.
infamousnicone