BTC rate updated ATH before the start of the new trading week. There is a breakout of $104,088 and a new maximum of $105,250.
The decline to the "magnet" price that began on Sunday evening (Friday's trading closed at $101,840) encountered support - the volume level of $102,641. Buyers reacted from it. The price tested this level all Sunday and while it is higher, the priority is not just maintaining the gap, but also continuing the growth.
Trading futures on BTC at the Chicago Mercantile Exchange (CME) has already resumed and opened with a gap. And it's not a small one - $102,285-$103,665. There are also potential high candles on the two-hour time frame (already three out of three).
We expected that there would be no gap - according to our indicator, by the evening there was a combo of signals for a potential high on the 30-minute, hourly, and two-hour time frames. And, which I didn't notice right away - on the 12-hour time frame.
That is, there were arguments for a possible correction based on candlestick structures across four (!) time frames. So far, all these signals have been broken. The expectation for a return to growth only around December 18-21, which was mentioned on Saturday, has also been broken.
There are no target levels above to guide us, but there are:
- an ascending trend line from November 22, currently at $108,103,
- targets based on P73 Trend & Target Dynamics across various time frames (shown in the screenshots), up to $113,239.
Such a sharp breakout, despite the pool of signals for a potential high, is a very bullish signal. As long as the price is above $102,641, it is a claim for a powerful continuation of growth towards the designated targets. However, if the price returns below $102,641 with momentum in the coming hours, it would indicate a bullish trap, and a very effective one at that.
Currently, we do not have a priority expectation for BTC; the expectation for a return to growth has only been disrupted since Wednesday. We will observe in the coming hours. The logic remains: 'as long as it is above $102,641 - the targets for growth are open and there are only the mentioned guidelines above.'