Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
Yesterday, we talked about the current market situation where Bitcoin was trading below a very important resistance trend line at 93.4k USD. Today, we were able to break that resistance and finally trade above this level after a long time.
The last time Bitcoin was trading above this level was on the 25th of December, but that move was weak and was mainly formed to eliminate long positions from the market. I will share that chart in one of the screenshots so you can see it clearly.
In the screenshot below, you can see that on the daily time frame, Bitcoin is breaking that resistance line, and for the last four days, Bitcoin has been in an uptrend.
This is definitely a good sign, but we must understand that liquidity needs to be grabbed above this resistance. Only after that can we say that the trend line has been successfully reclaimed.
In another screenshot, you can see the weekly time frame where this resistance is again very important. The last time this level acted as support and then broke downward, the market crashed until 80,000 USD.
That is where the yellow support line is, and that is also where the liquidity wick was formed. After that move, Bitcoin traded above the yellow trend line for almost seven weeks, and now we are once again trying to break this resistance.
If we manage to break and hold above this level, the next target will be 99,000 USD for Bitcoin. After that, many of the older resistance and support levels will become active again.
I will share those levels later. If you have been following my blogs, you already know that I usually use many trend lines in my charts, but for now, I have removed them to keep things simple. At the moment, the market structure looks good.
The most important thing right now is to closely watch the daily closing and then the weekly closing. If the weekly closing happens above this resistance line, it will be a very strong indicator for Bitcoin going forward.
On the 29th of December, Bitcoin closed above the blue support line for the first week. This is now the second week, and the upcoming week will be crucial to see whether Bitcoin can sustain this level, with the previous resistance acting as support.
In the screenshot above, you can also see the four hour time frame chart. On the left side, you can see the liquidity wick formed on the 25th of December, where the market tried to break this resistance.
That move turned out to be manipulation by market makers and whales, which is why Bitcoin fell back to the 84k to 85k USD range after losing support.
At the moment, the pink line is acting as support and is very important to watch. Do not misunderstand this level, as the daily closing is very close now. The next few hours will be crucial in deciding the short term direction of the market.
This section is for the games I play on Hive blockchain. You are free to skip this section if you are not interested in reading about the games here.
In the screenshot below you can see my terracore base with 100+ scraps mined which happened with me for the very first time and I am happy to see that much in the mining part even though they are worth nothing on paper.
The 6 attacks did went really as I expected and we also won close to 500 scraps in one of the attacks alone. I remember days when we were winning that much with 4 attacks.
Below you can see my golem overlord base and there I used some of my attacks and then bought golems and XP points and that is all I did there.
That is all I did in Golem and terracore base today.
Thank You and make sure to check Crypto Company CEO services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
