Cryptocurrency

Bitcoin Price Prediction by AI, 18 Dec 2024

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🚀 Bitcoin Price Prediction by AI and: Key Levels to Watch for Current Range-Bound Trading 📊

Current Overview: Bitcoin Futures (December Contract)

Bitcoin futures are currently consolidating within a well-defined range as buyers struggle to gain control, and sellers maintain slight dominance. Price remains capped at key resistance while testing critical support levels, creating a range-bound market with a slight bearish tilt.

📉 Prediction Summary:

Score: -3 (Slight Bearish Bias with Neutral Momentum)

🔑 Key Levels to Watch

  1. Resistance Levels (Upper Range):

    • $105,440: Initial resistance that has repeatedly capped upward moves.
    • $105,850: Today’s first upper VWAP standard deviation, acting as a key breakout trigger.

  2. Support Levels (Lower Range):

    • $103,325: Today’s Value Area Low (VAL).
    • $102,500: Significant support aligning with historical Value Area Highs (VAH) from 3 and 5 days ago.

  3. Deeper Downside Targets:

    • $101,400: Prior VWAP confluence.
    • $100,890: Naked Value Area Low, which could attract price if support breaks.
    • Measured move projection targets $94,950 if the current range fails decisively.

🕵️ Updated Key Observations

  1. Early Signs of Buyer Activity (20:00):Buyers showed some initial momentum, but volumes were balanced, indicating no decisive push higher.

  2. Sellers Take Control Near Resistance (23:00):Sellers began to dominate near key resistance levels, as buyers failed to follow through.

  3. Stronger Sell Pressure Develops (08:00):Sellers maintained control with notable bearish momentum, pushing price downward.

  4. Momentum Stalls (12:00):Volumes balanced out, signaling indecision. Buyers made a small improvement, but it lacked conviction.

📈 Bullish Scenario: Signs to Look For

For Bitcoin to break out to the upside:

  1. Price must reclaim $105,440 and sustain above $105,850.
  2. Watch for:
    • Increasing positive Delta Change and stronger Delta SL values.
    • Rising buy volumes showing buyer strength.
  3. Target if bullish momentum builds: $107,860 and higher.

📉 Bearish Scenario: Key Conditions

If Bitcoin breaches support:

  1. Failure to hold above $103,325 could open the door to test $102,500.
  2. Further breakdowns could target:
    • $101,400 (VWAP confluence).
    • $100,890 (naked VAL).
  3. Measured move projection suggests downside targets near $94,950 if sellers accelerate

⚠️ Bitcoin is Range-Bound with a Slight Bearish Bias

Bitcoin futures remain range-bound, with a slight bearish bias due to continued sell pressure and weak buyer momentum. Traders and investors should monitor key levels and volumetric stats for directional clues.

🔍 Remember:

  • Trade responsibly and manage risk carefully.
  • Always confirm moves before entering trades.
  • Stay patient and flexible—breakouts and breakdowns are possible from this range.

🚨 Disclaimer: Trade at your own risk. This analysis is for informational purposes only and does not constitute financial advice. 📉📈

Visit ForexLive.com for additional views.

This article was written by Itai Levitan at www.forexlive.com. Source