Short term $BTC targeting $57-$61k as next levels to the upside

Dec 24, 2021

As I shared in my last update on BTC, BTC ran up without testing some key levels as support and needed to correct down to 46K-48k before it would be able to move higher. Now that that scenario played out tradingview.com/chart/BTCUSD/RngXNZNb-BTC-Short-term-bias-downside-53-54k-first-46-48k-next/, I think the same thing needs to happen on the upside. BTC needs to now confirm some levels as resistance before it falls further (IMO).

I think BTC should snap back to the 57k-61k levels in January and confirm those levels as resistance before it rolls over and ultimately tests at least one of the 30k target(s) on the chart.

However, before I analyze any lower targets and timeframe for that, I want to see some of these upper levels get hit. If BTC moves higher here like I think it will, then it should also provide a short term bounce in the market for alts.

Personally, I'm staying cautious and am not taking any long term positions here, only trades.

Happy holidays.

Dec 26, 2021

Note

While I do think we'll eventually get to these higher levels, I think there's a possibility that in the short term we go back to retest the lows before moving to these levels.

I could see the possibility of a move lower somewhere between $39-42k. Should it play out, I think that would be the short term bottom, and then the move should resume to the levels above on the chart.

Will just watch and see what happens from here.

Dec 26, 2021

Note

If BTC can break 52K I'll feel more confident in the move higher, but until then, I lean towards the possibility of a move down first.