There are two scenarios. The first scenario is to correct the price until it returns to the ceiling of the parallel channel and then move towards the price of $48,000, and the second scenario is that Bitcoin directly attacks the ceiling of $48,000.
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Currently, the price has fallen below the 20-day EMA ($41,370) and bears (sellers) will try to break further down to the $37,980 support.
If the price rises again from the $37,980 support, Bitcoin is likely to retest the 20-day moving average and the aforementioned downtrend line.
The breaking of the downward trend line indicates the increasing domination of the bulls on the market. In this scenario, Bitcoin will likely retest the $44,700 overhead resistance. If this resistance is broken, the prospect of continuation of the rally will improve to $48,000.
If the price rises again from the $37,980 support, Bitcoin is likely to retest the 20-day moving average and the aforementioned downtrend line.
The breaking of the downward trend line indicates the increasing domination of the bulls on the market. In this scenario, Bitcoin will likely retest the $44,700 overhead resistance. If this resistance is broken, the prospect of continuation of the rally will improve to $48,000.
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It is expected to hit the ceiling of the parallel channel during the Christmas holidays and then start the next step of its ascent
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Everyone is waiting for January 10. If ATF is approved, Bitcoin will move towards $55,000. If not, we are waiting for a fall
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Trade closed: target reached