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As Santa made his rounds, Bitcoin delivered a rally of its own. Overnight, Bitcoin reached a high of $99.4k, with most altcoins following suit. Ethereum also broke above the $3,500 mark once again.
Bitcoin has climbed 6.5% from yesterday’s lows—a promising sign for short-term price action. However, the broader bearish structure remains intact until Bitcoin forms a higher high.
Zooming out to the 4-hour Bitcoin chart, we see a clear bearish structure characterized by lower highs, including the current rally peak. This pattern confirms a continuation of bearish momentum. Additionally, a bearish divergence has formed, which suggests Bitcoin may attempt to create a lower low if this divergence plays out.
The current 4-hour candle offers a glimmer of hope. It’s not only engulfing the previous candle—a bullish signal—but is also nearing the creation of a higher high. Should this occur, the bearish divergence and structure could be nullified, paving the way for Bitcoin to break back above $100k.
While short-term movements may seem uncertain, Bitcoin's long-term bullish trajectory remains intact. These dips can provide excellent opportunities to accumulate Bitcoin or explore undervalued altcoins with strong growth potential. For tailored investment strategies, reach out to your Stormrake Crypto Broker.
STORMRAKE’S GIFT TO YOU:
STORMRAKE’S GIFT TO YOU:
Thank You for an Incredible Year!
As the year comes to a close, we want to express our gratitude for being a valued part of our community. Your trust and support have made 2024 an amazing year, and we’re excited to help you achieve even greater milestones in the year ahead.
As a token of our thanks, we’re giving you a special end-of-year bonus:
For every AUD$10,000 worth of Bitcoin you purchase with Stormrake, we’ll gift you AUD$20 worth of Bitcoin.
It’s our way of saying thanks for choosing us as your trusted partner in crypto.
This exclusive offer is available until December 31, 2024, so don’t miss out!
*Terms & Conditions Apply*
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.36)
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.36)
Cetus Protocol is the leading decentralised exchange (DEX) on the Sui blockchain. As strong proponents of Sui, it makes sense to turn our attention to its flagship project. Historically, when a blockchain succeeds, its primary DEX and other core projects often follow suit.
Take Uniswap (UNI) on Ethereum, for instance—it reached a market cap of $22 billion during Ethereum’s 2021 peak. Similarly, Jupiter (JUP) and Raydium (RAY) saw major rallies driven by demand and trading volume on Solana.
If Sui achieves its projected success, Cetus Protocol (CETUS) is well-positioned to capitalise on that growth and become one of its standout projects.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has broken above the key $95.7k level and surpassed three of the four key moving averages. This has triggered a bullish cross of the 21 EMA and 55 EMA, signaling a shift in momentum to the bulls. However, BTC still faces strong resistance from the 200 SMA and the previous high. Until Bitcoin clears $99.5k, the bearish structure remains in place.
BTC Total ETF Flows for 24 Dec: $ N/A million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum continues to show greater bullish momentum than Bitcoin, maintaining its rally after a bullish cross of key EMAs. However, ETH has encountered resistance at the 200 SMA, forming another lower high. For Ethereum to flip fully bullish, it must break and hold above the critical $3,557 level.
ETH Total ETF Flows for 24 Dec: $ N/A Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
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