Market overview

WHAT HAPPENED?

At the beginning of last week, as expected, bitcoin resumed its upward movement. But already at the local maximum and round number of $100,000, before reaching the important selling zone, it rebounded and the price moved in a downward direction for the remaining days.

At the moment, a local lateral line with clear boundaries has been formed. A pattern of sideways sell absorption is forming along the delta.

WHAT WILL HAPPEN: OR NOT?

Each new minimum update on the last wave of decline is weak and ineffective, since volumes are not realized, but are accumulated. If a strong buyer appears, an earlier resumption of the upward movement is more likely than from the lower boundary of the sideways $92,300. But the main priority this week is to capture liquidity through a false breakdown and move to the upper boundary of the sideways trend.

Analyzing bitcoin on the daily timeframe, we noticed an additional volume buying zone of $90,600-$86,300, which can hold back the decline to $80,000 with an unfavorable outcome.

Buy zones: level $92,300 (local low), $90,600-$86,300 (accumulated volumes), ~$80,000 (volume anomaly), $77,000-$74,000 (large volume zone).

Sell zone: $100,000-$102,000 (mirror volume zone).


IMPORTANT DATES

Macroeconomic developments this week:

• Thursday, January 2, 13:30 (UTC) — publication of the number of initial applications for unemployment benefits in the United States;
• Thursday, January 2, 14:45 (UTC) — publication of the index of business activity in the US manufacturing sector for December;
• Thursday, January 2, 15:00 (UTC) — publication of the ISM index of business activity in the US manufacturing sector for December;
• Friday, January 3, 15:00 (UTC) — the ISM index of business activity in the US manufacturing sector for December is published.


*This post is not a financial recommendation. Make decisions based on your own experience.