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On the 4-hour TF, bitcoin is still moving slowly toward $24,350. For Bitcoin, each subsequent rising cycle is more challenging than the one before it, and a downward correction is always a possibility. It seems improbable that the cryptocurrency would continue to increase daily even if a new "bullish" trend has begun. Price increases of nearly 50% have already occurred in January alone.
Meanwhile, the emergence of a rare technical figure known as "double bottom" was disclosed by renowned cryptanalyst Peter Brandt. He asserted that following the development of this pattern, bitcoin should experience a gain of at least $25,000 in value. He pointed out that Bitcoin has overcome significant resistance in the form of the $19,000 level and is getting ready to resume its upward trend. "I can see right now that the bearish trend is ending. The bulls managed to establish themselves above the 200-day moving average. However, the cryptocurrency remains below both the $25,500 critical level and the 200-week moving average. The trend for bitcoin is bearish. But if it succeeds in getting through this point, things will change," the analyst believes.
Although we do not understand why the level of $25,000 is significant, we do allow an increase to $24,350. In light of the current situation, we consider this level to be the maximum level of growth for cryptocurrencies. The price never stopped rising and never reached extremes of around $25,000 at that point. The most significant reports on the labor market, unemployment, wages, and meetings of the largest central banks across the world will be left out on Friday evening. Such significant occurrences almost always cause significant market changes.
The only thing left to say is that tonight's Fed meeting will be the main focus of cryptocurrency traders' attention. Meetings of the ECB and the Bank of England are less important and are not expected to affect how cryptocurrencies move. In the upcoming days, all decisions should be made. Bullish trend formation will be seriously discussed if the bulls break past the $24,350 resistance mark. If not, the option with a decrease to $12,426 will still be relevant.
The first cryptocurrency's rise continues with a target of $24,350 over a 4-hour period. From our perspective, a rebound from the level of $24,350 will serve as a signal to close any long positions and begin new short positions with targets of $18,500 and $17,582. The fundamental backdrop should ideally steadily improve for Bitcoin to continue to grow. Bitcoin might theoretically start a bullish trend. We have not seen this thus far.
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