Bitcoin closed the last monthly and weekly candle at the very high, also above the psychological level of $40,000. Now the main thing is for Bitcoin to gain a foothold above $40,000 this week.
This month we expect the start of rapid growth in a number of alts, and$BTC Bitcoin will set a local maximum from which a full-fledged correction will begin around the end of this year or the beginning of the next. That is, the market is moving exactly according to our expectations and is now forming the last short wave of growth.
Just in January, ETFs will most likely be approved, due to which the growth is now fundamentally explained.
But you and I know that growth occurs solely due to the printing of new USDT👉The most important market indicator. USDT volume
And we won’t tire of talking about our favorite saying: “Buy rumors, sell facts.”
🕯 Technical analysis
As was said earlier, Bitcoin closed positively on large timeframes and if the current week closes successfully, the road will be open for continued growth.
At the same time, it is important to understand that the current wave of growth will be the last, and many technical metrics indicate this.
1️⃣ Indicators on all timeframes below monthly in the extreme overbought zone
2️⃣ Bitcoin price has come out of the local ascending channel and the price is very close to the upper limit of the medium-term ascending channel.
3️⃣ Volumes on large timeframes are still very low
4️⃣ The price has already rolled back the entire fall of 2021-2022 to 0.5 Fibo. As a rule, a price reversal occurs after a rollback to 0.5-0.618 Fibo.
5️⃣ For a very long time there was no test of long-term moving averages, at least MA200d.
6️⃣ The price has not yet tested the key level of $30,000.
Result:
The last month of 2023 is likely to show excellent returns for many alts. It is unlikely that Bitcoin, after reaching its high of the year, will suddenly turn around and go down like a stone.
Most likely, on his high he will go sideways, which will provide fuel for the alts. Next will form a bearish figure.
In general, friends, work with the trend! This month will be a good opportunity to increase your capital in a short time.
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