Bitcoin's key breakout levels and what's next! Jan 2nd 2024
Bitcoin just broke the key resistance level of the mid 44k's establishing a new high of 21 month since April 2022.
The red circles on the chart indicate key breakout levels.
1) June 2023 the price rose above 26,800 with a daily candle close.
2) October 2023 the price rose above 31,400 with a daily candle close.
3) Jan 2024 the price rose above 44,700 with a daily candle close.
The levels are key due to multiple tests to break above which failed every time, indicating price
resistance.
Once a resistance level is passed, the market searches for a new resistance.
Next key technical levels to pass are -
45,800
50,800
54,400
The levels are based on horizontal support/resistance levels stretching back close to 2 years.
Long-term connecting highs and lows show higher highs and higher lows since Jan 2023,
With Bitcoin rising about 250% in the year passed.
RSI shows the price action far from overbought and MACD shows convergence and momentum shift to upside that's fresh - Both indicators show clear "buy" signals as well as the technical breakout above 44,700.
Speculations are that multiple BTC ETF's will be approved by SEC today.
---------------------------------------------------------------------------------------------------
Do your own research! Trade with caution especially when trading leveraged products!
This is not advice. This is pure market speculation.
Thank you and happy new year everybody :)
The red circles on the chart indicate key breakout levels.
1) June 2023 the price rose above 26,800 with a daily candle close.
2) October 2023 the price rose above 31,400 with a daily candle close.
3) Jan 2024 the price rose above 44,700 with a daily candle close.
The levels are key due to multiple tests to break above which failed every time, indicating price
resistance.
Once a resistance level is passed, the market searches for a new resistance.
Next key technical levels to pass are -
45,800
50,800
54,400
The levels are based on horizontal support/resistance levels stretching back close to 2 years.
Long-term connecting highs and lows show higher highs and higher lows since Jan 2023,
With Bitcoin rising about 250% in the year passed.
RSI shows the price action far from overbought and MACD shows convergence and momentum shift to upside that's fresh - Both indicators show clear "buy" signals as well as the technical breakout above 44,700.
Speculations are that multiple BTC ETF's will be approved by SEC today.
---------------------------------------------------------------------------------------------------
Do your own research! Trade with caution especially when trading leveraged products!
This is not advice. This is pure market speculation.
Thank you and happy new year everybody :)
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