The latest review of BTC in 2024: we expect an increase in volatility from January 1-3. Be careful with open positions.
Today's daily candle on the BTC price volatility index - could already be the first green one since December 24.
As you can see, the market has already been gaining volatility yesterday and today. There is a struggle with the descending trend line from December 17 and active movements are taking place. But this is just the beginning of the increase in volatility.
Whether this will be a sharp price impulse or a gradual reversal will be shown in the coming days. But we are expecting a sharp impulse. So make sure not to spoil your New Year's mood.
In which direction should we expect an impulse? And what direction for BTC are we waiting for in January? We did a very detailed analysis with trigger supports/resistances and a fractal from last year https://www.binance.com/ru-UA/square/post/18289580140097. In short - the only question is how low the price can correct before the start of an upward movement to a new ATH towards the second of four growth targets we assign to #BTC for the remainder of the bull market. And one more thing - essentially, BTC has time for this decline only until January 2-4. So far, the candle structure remains descending. If it reverses earlier and the price consolidates above the descending trend from December 17 - we might even get by with a low of December 30 at $91,530.
Let's remember that on November 11, with the rate around $80,000, we wrote our expectations on bullrun targets:
- Conservatively - $109,807 (we came close to it quickly, so this is not the final target of the cycle).
- Neutrally - $168,108.
- Optimistically: $226,409 or $262,439.
The fractal for 2023 with a move to the $86,000-87,000 area as a bearish trap before the growth to the $168,108 area would look perfect. And as long as there is no confident consolidation above the descending trend line from December 17 - the targets of a sustainable downtrend according to our indicator on the 4-hour, 12-hour, and daily timeframes are still in effect.
BUT it is also worth remembering the strong support at the volume level of $91,306 and several trend supports around the psychological $90,000.
