Crypto markets stabilized after weeks of high volatility as the New Year approaches and industry participants ready for a new era of building. Achievements of 2022 are coming into focus as we see everyone from Visa and TradeFi to Bitcoin developers and DeFi making steady progress despite the crypto winter.
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Bitcoin price barely budged over the last 7 days, hovering around the $17k level. NYDIG reported that 40-60 active Bitcoin developers are currently running a “tight ship,” keeping the dominant crypto running smoothly with steady development and clear documentation.
Following on from our midweek market breakdown, we were awaiting to see a manipulation of the 1H SSL to potentially fuel bullish movement into the $17,300 region.
Now we have achieved this:
Alternatively, price could encounter resistance at the $17,000 price level, pushing price down into the $16,500 price level before resuming bullish movement, or the low could fail, resulting in overall deeper bearish prices in the wider range.
If the bullish trend is to take hold, we would want to see:
BTC-USD continues its low-volume accumulative price action as we enter the holiday period.
Price has continued to range sideways, taking external range liquidity (1D BSL) and internal range liquidity (4H SSL) which has pushed price to the equilibrium of the current daily range.
From an HTF perspective, we have 3 potential scenarios:
Ethereum (ETH) volatility leveled off slightly along with most cryptocurrencies and appeared largely unaffected by Paxful's announcement that the platform would remove ETH in a nod to Bitcoin primacy.
Similarly to BTC, we've seen ETH continue its accumulative corrective price action as it takes liquidity from both bullish and bearish extremes.
We could see price targets of $1300 and $1400 now that the price has reached equilibrium within the current short-term range.
Alternatively, prices could continue to decline at deeper discounts to the $1100 price level before finding support at the extreme of the range.
If price does not find support, we will most likely have to raid all of the liquidity positioned below the lows of $1070 and $996 before finding support again.
Bitcoin price barely budged over the last 7 days, hovering around the $17k level. NYDIG reported that 40-60 active Bitcoin developers are currently running a “tight ship,” keeping the dominant crypto running smoothly with steady development and clear documentation.
Following on from our midweek market breakdown, we were awaiting to see a manipulation of the 1H SSL to potentially fuel bullish movement into the $17,300 region.
Now we have achieved this:
Alternatively, price could encounter resistance at the $17,000 price level, pushing price down into the $16,500 price level before resuming bullish movement, or the low could fail, resulting in overall deeper bearish prices in the wider range.
If the bullish trend is to take hold, we would want to see:
BTC-USD continues its low-volume accumulative price action as we enter the holiday period.
Price has continued to range sideways, taking external range liquidity (1D BSL) and internal range liquidity (4H SSL) which has pushed price to the equilibrium of the current daily range.
From an HTF perspective, we have 3 potential scenarios:
Ethereum (ETH) volatility leveled off slightly along with most cryptocurrencies and appeared largely unaffected by Paxful's announcement that the platform would remove ETH in a nod to Bitcoin primacy.
Similarly to BTC, we've seen ETH continue its accumulative corrective price action as it takes liquidity from both bullish and bearish extremes.
We could see price targets of $1300 and $1400 now that the price has reached equilibrium within the current short-term range.
Alternatively, prices could continue to decline at deeper discounts to the $1100 price level before finding support at the extreme of the range.
If price does not find support, we will most likely have to raid all of the liquidity positioned below the lows of $1070 and $996 before finding support again.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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