Chapter 3 [Dec 27] Will the Bitcoin Bulls continue to Push the Bullrun?
They say the biggest moves start in the smallest timeframe. Last December 23, the market has finally seen a structure breaking move from Bitcoin as it pushed forward to reclaim the $50,000 level. The market has then confirmed it's movement through a brief retest of the turncoat support at the $49,490 key area. This move has been solidified with the market's timely confluences for the upside.
![[Dec 27] Will the Bitcoin Bulls continue to Push the Bullrun?-Pic no.1](https://img.trading.live/prod/image/2021/12/7C302EA57CEA41C7AB6E631BAA6BA1B6.png)
BTCUSD 4 HOUR
THE CONFLUENCES
As seen in the chart, the 49,490 turncoat support is well protected by various psychological levels. The level directly coincides with the 61.8% Fibonacci retracement level and the 50 EMA acting as another line of defense against the bears. The market has also broken previous resistance with little-to-no hesitation. This can be another indication that price has bigger plans to remain in the new range.
OUR EXPECTATIONS
The next challenge for the Bitcoin bulls is whether or not they could ram through the next resistance which lies at the $51,873 level. Price has now slowed down since it's last move--but nevertheless, bullishness could still ensue. We are expecting price to test resistance a couple more times before creating another impulsive leg.
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. The above strategies and analysis are provided by the analysts for information purposes only, and do not constitute investment advice.
