Could Bitcoin Finally Break $100,000 This Christmas Week - Or Is A Drop To $70,000 Coming?

"The price on the weekly chart has been rejecting from the lower trend line of the broadening wedge pattern for several weeks now, but the trend line is so low now that the price should push above it this week. If it fails to do so this week, look for the price to take the next leg down into the low $70,000 range."

"Bulls will want to continue the push this week, level by level if need be. Initial resistance sits at $91,400, with the next level at $94,000. Above here, we should see very strong resistance at $98,000. Then we should see a fairly strong resistance zone from $101,000 all the way up to $108,000. Closing above $108,000 would start to place severe doubts on the long-term top being in place here."

"The $84,000 support level below is proving to be resilient, holding up again this past week. If it is lost, the expected support levels below have not changed. The $72,000 to $68,000 zone should be expected to support the price on a first test at the least. Closing below $68,000 likely leads to a slow grind down to the 0.618 Fibonacci retracement support at $57,000."

Bulls defended weekly support above $85,000, allowing Bitcoin to close the week at $88,656. The weekly chart shows repeated rejection from the lower trend line of a broadening wedge, with the trend line positioned low enough that price should push above it this week. Failure to break above would likely send price down into the low $70,000 range. Initial resistance levels are $91,400 and $94,000, with stronger resistance at $98,000 and a resistance zone from $101,000 to $108,000. Support sits at $84,000, then $72,000–$68,000, and a deeper retracement target near $57,000. Market liquidity is expected to be low for Christmas week.

Read at Bitcoin Magazine