BTCUSDT $46977 Weekly Update Jan 08 2024 #2
Bulls just hit another high at ~$47300.
The weekly candle was the highest weekly close in 21MONTHS, since early April 2022.
The Monthly is now over 10% up and getting a Bullish continuation.
The next pivot temporary resistance zone is at 50-52k, which is slightly above the 0.786fib on log scale, and also with confluence with the 52k resistance in late December 2021.
Regardless of the ETF decision, must be prepared for both sides. Therefore, supports will continues to be the 3D21 and or the W21ema depending on the market volatility.
The BTC.D Continues to be a good indicator when it comes to the bullish trend.
The 2D macd has crossed positive again signaling a breakout continuation in the BTCUSDT price action. It' s next resistance is 57% and 63%.
This means that ALTS will will collective be weak against BTC till BTC finds another level of consolidation then ALTS will breath again and potentially break their recent highs.
Bulls just hit another high at ~$47300.
The weekly candle was the highest weekly close in 21MONTHS, since early April 2022.
The Monthly is now over 10% up and getting a Bullish continuation.
The next pivot temporary resistance zone is at 50-52k, which is slightly above the 0.786fib on log scale, and also with confluence with the 52k resistance in late December 2021.
Regardless of the ETF decision, must be prepared for both sides. Therefore, supports will continues to be the 3D21 and or the W21ema depending on the market volatility.
The BTC.D Continues to be a good indicator when it comes to the bullish trend.
The 2D macd has crossed positive again signaling a breakout continuation in the BTCUSDT price action. It' s next resistance is 57% and 63%.
This means that ALTS will will collective be weak against BTC till BTC finds another level of consolidation then ALTS will breath again and potentially break their recent highs.
