The last few days have shown that BTC has “moved up a floor” in its range. From the range of $98,433-$101,903 to $99,381-$102,641 in terms of volume levels.
This is clearly not a sign of buyers' weakness. Plus, the price according to our P73 Trend & Target Dynamics indicator yesterday returned to a stable uptrend on the hourly TF. Without allowing the basic targets of the decline to be worked out and breaking the signal of a potential high.
All this indicates the strength of buyers is maintained, so for the bears, the maximum program now looks like a trip to the lower boundary of the range, at $99,381. With a return to Monday at $100,000 and above. This scenario is supported by additional support in the form of the EMA 50 on the four-hour timeframe, which is currently at $99,512. And the closing of futures trading for #BTC on the Chicago Mercantile Exchange (CME) on Friday at $101,840. The price is a 'magnet' for resuming trading on the night from Sunday to Monday.
The price of #BTC is losing its volatility, working out our forecast for a decline in the Volatility Index since December 11 (we provided a forecast for the reversal of the Index on December 11-13 in the post from December 9). We expect a return of volatility growth for BTC on December 18-21. That is, from Wednesday.
Given the seasonality, we quite admit that this will be a pump within the Santa Claus rally. And until those days, the price will leave the market in uncertainty, increasing short sentiments among the crowd.
The scenario of a serious correction for #BTC is still not being considered.
