🥰🥰BTC Price Analysis on December 19, 2024
As of December 19, 2024, BTC has experienced significant volatility, especially following statements from the U.S. Federal Reserve (FED).
🤩1. Technical Analysis
👍Support:
$98,000: An important psychological support level; if broken, it may lead to stronger selling pressure.
$95,000: The next support level, where buying pressure may emerge if the price continues to drop.
👍Resistance:
$106,000: The nearest resistance level; surpassing this will reinforce the upward trend.
$109,000: The recent historical high; should be monitored if the price approaches.
🤩2. Momentum Indicators:
RSI: Decreasing towards the neutral zone, indicating weakening in upward momentum and the possibility of continued correction.
🤩3. Insights
Bitcoin's price drop following the Fed's statement shows that the cryptocurrency market is still significantly influenced by macroeconomic policies. Specifically, the Fed Chair stated that they do not wish to build a Bitcoin reserve, causing strong selling pressure in the market.
🤩4. Recommendations
👍Short-term investors: Should be cautious, monitoring key support and resistance levels to make appropriate trading decisions.
👍Long-term investors: Should reconsider their investment strategy, taking into account macroeconomic factors and monetary policy that may affect the cryptocurrency market.
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