BTC Futures Analysis: Key Levels, and Potential Scenarios
Big Picture:
BTC Futures reached a new high at 108,960 last Tuesday Dec 17, 2024. FED rate decision and 2025 rate cut projections tampered down from 4 to 2 resulted in market sell-off. BTC futures were also down reaching a low of 92,355 on Friday and closing at 96,600.
CME Futures halt early tomorrow and are closed on Wednesday Dec 25th, 2024 for Christmas holiday. We also have a very light economic calendar. Lower liquidity during the holiday period may push prices in either direction.
Key Levels to Watch:
Nov 18th Week Hi: 101,110
Dec 10th Low: 94,785
Last Week Low: 92,355
LIS (Line in Sand) for short-term bulls: 92000- 90,000 support zone.
Scenario 1: Consolidation Above Key Support
BTC futures further consolidate between Dec 10th Low and Nov 18th Week Hi at 101,110. Price did not close below LIS last week. As long as this support holds, price holding above 94,785 may provide a setup towards 100,000- 101,110.
Scenario: 2: reakdown below LIS
Break down of LIS will see a deeper pull back towards 78,000. Here it will be a wait and see approach for BTC futures to hold below 90,000 mark and expect further downside if buyers fail to push prices back above.
Disclaimer: The views expressed are opinions and should not be interpreted as financial advice. Derivatives involve a substantial risk of loss and are not suitable for all investors.
BTC Futures reached a new high at 108,960 last Tuesday Dec 17, 2024. FED rate decision and 2025 rate cut projections tampered down from 4 to 2 resulted in market sell-off. BTC futures were also down reaching a low of 92,355 on Friday and closing at 96,600.
CME Futures halt early tomorrow and are closed on Wednesday Dec 25th, 2024 for Christmas holiday. We also have a very light economic calendar. Lower liquidity during the holiday period may push prices in either direction.
Key Levels to Watch:
Nov 18th Week Hi: 101,110
Dec 10th Low: 94,785
Last Week Low: 92,355
LIS (Line in Sand) for short-term bulls: 92000- 90,000 support zone.
Scenario 1: Consolidation Above Key Support
BTC futures further consolidate between Dec 10th Low and Nov 18th Week Hi at 101,110. Price did not close below LIS last week. As long as this support holds, price holding above 94,785 may provide a setup towards 100,000- 101,110.
Scenario: 2: reakdown below LIS
Break down of LIS will see a deeper pull back towards 78,000. Here it will be a wait and see approach for BTC futures to hold below 90,000 mark and expect further downside if buyers fail to push prices back above.
Disclaimer: The views expressed are opinions and should not be interpreted as financial advice. Derivatives involve a substantial risk of loss and are not suitable for all investors.
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