For BTC by the close of December 17, buyers continue to hold the initiative and the long remains the preferred direction. The price has transitioned into a stable uptrend according to our indicator on the 1.5-hour timeframe. Base targets: 88,100$, 88,842$, 89,584$. The potential breakdown level is 86,246$.
Let us remind you that our long started at a level of 87,124.10$, while only at 1/6 of the volume. We took a small portion with the expectation to add another 1/6 at the expected correction level of 85,905$. However, during the correction, the price only reached 86,107$, then there was a vigorous rebound and continued growth.
At the same time, we still expect to see one more corrective movement tonight, but it is unlikely to be stronger than the first. Therefore, the "Plan B" is to increase the position to the next 1/6 already when the price transitions into a stable uptrend on the 2-hour timeframe. In this case, the next order should be set to 1/3 at the level where the indicator will define the potential breaking point of the uptrend on the 2-hour timeframe. With a bullish picture on the chart, we want to reserve the last 1/3 of the volume in case the price transitions into a stable uptrend on the 3-hour timeframe. Thus, we plan to fully complete the position with a very good set of signals for a potential low on higher timeframes. With an average price lower and the possibility to set a stop at breakeven.
The daily bullish signal from P73 CryptoMarket Monitor is in force. As are a number of other signals, which we will write about in the next separate post. We expect continued growth. The chart shows that buyers are starting to show strength.
