The market is experiencing a tremendous consensus among top coins and BTC, ready for an upcoming price push!
As of December 17, 2024, BTC is at the price level of 107k, showing significant divergence between BTC and top coins like SOL, DOGE, XRP (analyzed in detail in the article dated December 13, 2024), causing the price of BTC to drop straight to 101k today.
So can this drop recover back to 107k or possibly go further so that we can start accumulating? We need to have two confirmation conditions:
1. There must be consensus among top coins ready for a price push with BTC similar to BTC at the moment on December 10, 2024. At that time, top coins like SOL, ETH, BNB, DOGE, after BTC dropped to the support area and created a spring area (according to WICKOFF), also dropped to the support area and created a similar spring phase to BTC. After that, BTC and the top coins agreed to rise to the upper resistance area on December 11. And currently, looking at the chart, we see SOL, DOGE, XRP, ETH all in a spring area in consensus with BTC, ready to recover to the resistance area or go further similar to BTC in the previous drop phase.
2. After the supply and demand check process (testing area according to WICKOFF in phase C) at the price level of 101k, we need to see capital flow in and break out of the supply and demand testing area (the narrow price fluctuation area with low volume - similar to the BTC range on December 10 to 11, 2024), causing the price to hover around 103k - 105k. This testing process may occur tonight, causing the price to drop back to 98k and then rise back to 101k with low volume, and note at the area .....
