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Over the past day, Bitcoin began to show an upward trend and rose by 2.14%. However, trading volume dropped 25% to $37 billion per day. Volatility has also continued to decline for a whole week, which indicates the wait-and-see attitude of most market participants.
The Bitcoin chart is showing clear signs of preparation for a strong new movement. But in which direction it will be, we’ll figure it out now.
The chart shows that there was a strong drain on December 21st, which began to form a new pattern. Now you can clearly trace that this is an ascending triangle. Bitcoin came close to the upper border and has already broken through $24,000, but rolled back down. In the last 3 days, a strong uptrend has formed, which may continue today.
MACD has corrected from the maximum levels and has all the prerequisites for an upward reversal. Moreover, this can be a continuous growth, over several days.
Stochastic has a strong uptrend and is likely to break through the overbought line and continue to move up.
If this happens, then we will see not just new growth, but a strong jump, which was in last time when Bitcoin broke through $20,000. Therefore, if we break through and consolidate above $24,000, then with a high degree of probability the price will go to $26,000. This will be the first stop, and then the market could go up to $27,000.
If Bitcoin does this, it will be a great Christmas present for many Bitcoin holders.