Analysis $BTC 12/20/2024
#BTC, we are seeing a good recovery in Bitcoin and the BULLS don't need much here to do a good job, we just need to close above $98K today.
The next 4 hours will be decisive here, recover the blue band and we will be heading to $105K quickly.
Yesterday we fell below the EMA 200 (4H), but we recovered it quickly. I am very optimistic because we recovered this blue band, but to be honest, reaching this region right on the weekend is AGAIN a problem.
Some big whales that were stuck in this region yesterday are no longer, and of course it once again shows that these big players do not like to be negative for a long time and the price always goes to them lol to unlock them.
However, for us mere mortals, let's see what we have here...
The RSI has reset and there is obviously room for a bounce from here, but the buyers on the spot are dwindling now, which is not good if we want to have a positive weekend.
Despite being BULLISH, I must be cautious and ask you to pay attention to this level since a failure to rise above the blue band on the chart will result in a direct drop to $90K. This would form a double bottom on the RSI below 30, and would make perfect sense for a reversal.
So, you should pay attention here and wait for the price to work above the blue band. I think the worst is over, regardless of whether or not it fails to recover $98K.
There is an interesting movement by the big BULLS around $92K, it seems to me that they do not want to risk rising to $95k, of course it makes much more sense to defend that lower region of $92K.
The big BEARS are preferring not to take too many risks and are maintaining their positions at $110K, even though they have room to react if prices rise quickly.
* If you have any questions, don't hesitate, go to my INSTA (it's in the fixed image of my profile here), call me and ask your question.
