Christmas is over! The countdown has begun! And with it the days of reflection, looking back and looking ahead. That is exactly what we do every day. Likewise today; what has the Bitcoin price done in recent days and what does that say about the (near) future? We use the charts in which each candle represents one hour, then 1 day and then one week. Prices are in dollars. Rising line The downward trend that had started a long time ago has broken up on 21 December. See blue circle. It did not cause general euphoria, but slowly the higher regions were sought out again. The rising grey trend line seemed to act as support, but that support turned out to be too weak on the 26th. As a ceiling, it has been looked up twice, but from last night at 7:00 PM the line was turned back.
Grey area If we look at a slightly longer term, on the daily chart, we see that the price is moving within a certain grey area, the upside of which has recently been tested. If there is no further decline from this point, and the middle line (USD 48,600 limit / EUR 42,900) is thus respected, this is a sign that the upward direction can be maintained and that trading at a slightly higher level.
Solid floor
On the weekly chart, we see the same grey area that the price is now in. The horizontal line is also visible, which (as described above) clearly shows that it has been honoured for a long time (from the beginning of this year). We also see a Moving Average, but now one that uses the past 50 candles as an average (blue line). This blue line also coincides with the horizontal line on the daily chart. Again a signal to take into account a solid floor. Flywheel A solid floor sounds nice, but it doesn't mean that the price will go up. In recent times, outbreaks upwards have been rather weak. A truly bullish sentiment should be triggered by breaking news. First, the $50,000 limit (EUR 44,100) can be claimed and then, to get out of the grey area, the $52,000 limit (EUR 45,900). That could act as a flywheel, triggering an increasingly bullish sentiment. If that doesn't happen, there's a good chance of sideways movement within this zone, with the danger that if the $48,600 floor is broken, it could quickly go downhill. With the first limit at the bottom of 45,500 (40,100 euros) and the second limit 42,000 dollars (37,000 euros).
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