Market

Bitcoin Technical Analysis December 30th

Bitcoin (BTC) fell below a trading pattern that has existed since December 4th. This shows that BTC is still in a corrective pattern.

Break through the ascending parallel channel

Bitcoin (BTC) has been trading on an ascending parallel channel since hitting a local low on December 4th. When trading within or from this channel, it hit a high of $ 52,088 on December 27th.

The high serves to confirm the channel’s centerline and the $ 51,600 horizontal resistance area as resistance. However, there has been a downward trend since then.

On December 29th, BTC broke an ascending parallel channel, reaching as high as $ 45,900. This collapse is seen as a bearish trend and could result in lower prices in the future.

Bitcoin / USDT 6-hour chart | Source: TradingView

Short term volatility

The six-hour chart shows Bitcoin trading just above the 0.618 fib retracement support at $ 45,850. This level coincides with the 13-20th low. December together.

This makes it likely that Bitcoin will hit a higher low within the Fib support area of $ 44,145 to $ 45,830 before resuming its upward movement. This support area is generated by the support levels of the Fib retracement from 0.618 to 0.786 (white).

There are currently no signs of a bullish reversal.

BTC / USDT 6-hour chart | Source: TradingView

Count waves

Due to the collapse of the channel, the wave count suggests that BTC is still in a correction and is likely in wave X of the complex correction WXY (pink).

This wave will end between $ 44,100 and $ 45,800, which is the 0.5-0.618 fib retracement support (black).

After that, expect an upward move towards USD 55,500-58,700 (0.5-0.618 fib retracement resistance levels). This will complete wave Y and the entire correction structure.

BTC / USDT 6-hour chart | Source: TradingView

You can see the BTC price here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.