As we approach the end of 2024, the crypto market is shaping up for potential major moves. Here's my detailed analysis on Bitcoin (
$BTC ), Ethereum ($ETH), Bitcoin Dominance (
$BTC .D), Total Market Caps (#TOTAL2, #TOTAL3), and the Dollar Index ($DXY). Let’s dive into the key levels and patterns that could shape the final weeks of the year.
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$BTC Analysis: Key Levels & Channels
Monthly Chart:
📊 Ascending Parallel Channel
Current Position: Near the middle section of the channel.
Channel Support: ~$35,000
Channel Resistance: ~$235,000
Immediate Support: ~$91,800
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📅 Weekly Chart:
📊 Bullish Pennant Breakout
Range: $53K to $111K
Previous Breakout:
$BTC broke out from a bullish pennant, reaching as high as $108K.
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🔍 3D Chart:
📊 Ascending Channel Continuation
Upper Resistance: ~$111,000
Middle Support: ~$82,800
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📉 Daily Chart:
📊 Tight Range
Mid-Section Support: ~$95,600
Key Support: ~$83,000
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⚡️ $ETH Analysis: Symmetrical Triangle Consolidation
Monthly to Weekly Chart:
📊 Symmetrical Triangle Pattern
Support: ~$2,600
Resistance: ~$4,000
Immediate Support: ~$2,850
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📈
$BTC .D (Bitcoin Dominance): Tracking Market Sentiment
Weekly Timeframe:
📊 Rising Wedge Pattern
Resistance: 61.2% to 61.4%
Support: 55% to 56%
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📊 #TOTAL2 (Altcoin Market Cap) – Key Levels for Altcoin Traders
Descending Triangle:
📊 Current Support: $1.28T
Bullish Breakout: Above $1.66T would trigger a strong bullish movement for the entire altcoin market.
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📉 #TOTAL3 (Micro-Cap Market Cap): Watch for Breakout Confirmation
Breakout from Symmetrical Triangle & Ascending Channel:
📊 Upper Support Retest: $942.7B
Resistance: $1.15T
Support: $785B
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💵 $DXY (Dollar Index): Impact on Crypto
Strengthening Dollar:
📊 Immediate Resistance: 108.5
📊 Strong Resistance: 109–110
📊 Support: 105.5
💡 Example:
1 BTC at 105 > 1 BTC at 108. A stronger dollar results in fewer BTC for the same amount of money, potentially leading to a decline in crypto prices.
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⚠️
$BTC CME Gap Warning
CME Gap at $81K to $77.6K:
📊 Gaps in CME futures charts often get filled, but no rule states they must be.
Example: On Dec 1, 2023, a gap formed between $39.2K to $40.4K, which was filled on Jan 23, 2024—53 days later.
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💥 High Volatility Alert as We Approach Year-End
📊 As we come closer to the end of the year, expect increased volatility in the market. This could result in significant price swings in both directions.
🚨 Important: Always monitor your trades closely and have your stop loss and target levels set to manage risk effectively.
The volatility can lead to both bullish and bearish movements, so be prepared for rapid changes.
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🔮 Final Thoughts
As we near the final days of 2024, these key levels and patterns across
$BTC , $ETH,
$BTC .D, and $TOTAL2/3 present significant opportunities and risks. Staying alert to these technical setups will give you the edge in navigating potential market moves.
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#BTCdominance #DXY #CMEGap
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