Looking at the 4-hour time frame of Bitcoin we can see that it is at a crucial point moving into the end of the year. At the moment, it is testing the $51,689 support turned resistance level as well as this long-term trend line that has been consistent throughout this bull market thus far.
BItcoin found its bottom with the scam wick along the $43,850 - $44,484 level earlier this month and liquidated all of the over-leveraged longs. Ever since this wick, BTC entered a months long period of accumulation / capitulation preparing itself for the next leg upwards.
If Bitcoin can turn this resistance into support at $51,689, we're going to continue to see upside targets hit and this momentum will continue.
The price targets i'm looking at for January are in the $55,218 - $58,109 area. This is a big resistance area that Bitcoin needs to find support in before moving upwards to $60,000+ targets in late January / February.
As always please do your own research, I am not a financial advisor.
BItcoin found its bottom with the scam wick along the $43,850 - $44,484 level earlier this month and liquidated all of the over-leveraged longs. Ever since this wick, BTC entered a months long period of accumulation / capitulation preparing itself for the next leg upwards.
If Bitcoin can turn this resistance into support at $51,689, we're going to continue to see upside targets hit and this momentum will continue.
The price targets i'm looking at for January are in the $55,218 - $58,109 area. This is a big resistance area that Bitcoin needs to find support in before moving upwards to $60,000+ targets in late January / February.
As always please do your own research, I am not a financial advisor.
