$BTC
Bitcoin Analysis Today!
During this time, I have been focusing on altcoins, so there hasn't been any analysis for Bitcoin.
Bitcoin started its decline on December 18, reaching a low of around 92000, and after a sharp drop on the 20th, it rebounded and formed a bullish candle. In the last two days, it has shown a downward trend. In the chart below, you can see that 92000 has been a significant support level, with the top gradually increasing, and the trend remains upward.
I still hold a bullish outlook, but I believe the pullback is not strong enough. The daily candles show more bearish than bullish, and the rebound from 108000 to 92000 is weak, or we can say that the bulls are not stable. I have previously mentioned that a healthy bull market requires certain pullbacks, and Bitcoin can drop to the 90000 and 91000 range for a strong rebound.
Special Note:
Yesterday, Ethereum outperformed Bitcoin (on December 23, Bitcoin saw outflows while Ethereum saw inflows of 130 million). This is a good signal; Bitcoin remains at a high level while Ethereum takes over the capital, leading altcoins to recover. Only in this way can the market warm up; otherwise, Bitcoin will just be a self-entertaining activity, which is not interesting. For spot trading, I recommend focusing on second-tier coins and fast-recovering altcoins.
However, tomorrow is Christmas, and those who understand will know to observe for a day.
Personal Situation:
I am still holding the long positions in SOL and SHIN and the short position in STEEM that I mentioned two days ago in my post. Please pay attention to updates.
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