#Bitcoin seems like following the Scenario 1 ( Positive ) by moving inside the Triangle Pattern and reaching slowly to our target area. Break out from the triangle (Daily close upper 17k) will trigger a bullish rally in the market. Or if we got a rejection from here then we might see some more consolidation.
Bitcoin will bounce in Short or Mid term to 17.5k but first we have to overall waiting for a clear move to decide anything.
#Bitcoin is Trading now around 16 700$ with low volume.. rejected from the horizontal resistance for the 2nd time. Now it is retesting above the mid-range trying to reach 17k.
Possible Scenerios :
📈Scenario 1 : Retest would confirm a bounce from here, and a solid breakout of the horizontal resistance would confirm an upward direction in the market.
📉Scenario 2 : Breakdown of the mid-range with a retest underneath it would be an indication of a descending push toward local support.
#Ethereum trying to form a Symmetrical Triangle at 1D frame Struggling around 1200$ area. We have a strong support above 1.1k-1.2klevel. As long as we hold this support we can expect an upside rally.
Any close under $1100 at 1D time frame will be bad sign for ETH and entire market. But as long as its above the support we can expect some bullish rally in the second week of January.
#Market is at same consolidation.. Volatility has been very weak last two weeks in fact , it may continue for as long (the so-called depression stage" within the bear cycl)
#Bitcoin is still respecting channel Trendlines, the possible scenario is to broke a minor Descending resistance which is bullish in the mid term but stillwe didnt see a change of character in the market for new trend.
#FA Bitcoin CME trading is closed until January 3rd, so we may not see much mouvement next few days until second week of January.
We still holding the crucial support area at 16k area.. after clearing short-term liquidity. It has cleared stops below the local and Ascending Trendline support by a liquidity grab wick. We might see an upward rally in January.
A daily close under 16 500$ will invalidate the bounce scenario and then we might see another low of Bitcoin. Still, the volume is not too high in the current bounce.
We have to wait for a solid volume breakout above the horizontal resistance or a sustained breakdown of the Ascending Trendline support, which will confirm a short-term direction of the market.
