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Yesterday, we analysed Bitcoin's 4-hour chart, which was locked in a bearish structure on the verge of invalidation. Since then, Bitcoin has nullified this bearish setup by creating a new higher high at $95,555, just $15 above the previous peak.
While this move only narrowly surpassed the previous high, it was enough to shift the structure back in favor of the bulls. Bitcoin has now set a higher high after establishing a higher low, a classic bullish signal. However, the momentum has slowed, with Bitcoin consolidating within a range of $97,500–$99,500. This range-bound behavior has coincided with a struggling altcoin market, as overall altcoin valuations have dipped. Meanwhile, Bitcoin dominance has slightly increased, forming its own higher high—a potentially pivotal shift in market dynamics.
Currently, Bitcoin’s outlook is neutral. A decisive break above the consolidation range could pave the way for a rally toward $102,800, a key level that, if surpassed, might lead to new all-time highs. Conversely, a breakdown from this range could trigger a pullback to the recent higher low of $92,500. Maintaining support above this level would keep the bullish structure intact.
While short-term price action remains uncertain, Bitcoin’s long-term bullish trajectory continues to offer strong potential. Dips like these can present excellent opportunities to accumulate Bitcoin or explore undervalued altcoins with high growth potential. For personalised strategies, connect with your Stormrake Crypto Broker today.
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) ($0.372)
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.372)
Cetus Protocol continues to showcase remarkable strength, defying the broader altcoin market downturn. While most altcoins, including Sui (down 1.5%), have faltered, $CETUS has climbed by an impressive 3.21% over the past 24 hours.
This resilience is an incredibly bullish signal for Cetus. When Sui regains momentum, Cetus is poised to leverage its existing strength and aim for even higher levels.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has continued to edge higher, setting a new higher high—a bullish indicator. Not only has the structure shifted upward, but BTC is also trading above all key moving averages, underscoring its bullish momentum. If this trend persists, Bitcoin is well-positioned to retest the pivotal $100,000 level, with the 21 EMA and 55 EMA acting as key support zones.
BTC Total ETF Flows for 25 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 is currently battling to sustain its position above the $3,500 level, encountering resistance from both 200-day moving averages. Despite bullish momentum—evidenced by the 21 EMA trading above the 55 EMA—Ethereum has struggled to break this barrier. A successful breakout would target the next significant level at $3,557.
ETH Total ETF Flows for 25 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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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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