Technical Analysis of BTC/USD for December 24, 2021

Crypto Industry News: The wallet containing 321 Bitcoins has come out of sleep mode. For one reason or another, the wallet has not traded for years, despite having money that could be considered life changing. The wallet has not been used since 2013, just a few years after the disappearance of the mysterious Bitcoin creator Satoshi Nakamoto. It currently contains $ 15 million BTC, and it is unclear who owns this account or why it was reactivated. The wallet has 321 BTC. After eight years, this amount has risen from $6,594 to a staggering $15,103,046. Until now, the accumulated funds have increased almost 2,300 times. The Bitcoin community is full of speculation about who owns the wallet and why it has come out of dormancy right now. Some people believe it could be a whale, a person or a group with a large stock of BTC about to make a move that shocks the market. In recent months, several dormant Bitcoin wallets from 2011-2013 have been reactivated, each containing BTC worth tens of millions of dollars. On September 19, the owner of the dormant Bitcoin wallet emptied his account and transferred all 616 Bitcoins to various accounts. Technical Market Outlook The BTC/USD pair had broken above the short-term trend line resistance around the level of $48,388 and hit the level of $51,476 (at the time of writing the article). The nearest technical support is seen at the level of $48,253 and $50,739. The key short-term technical resistance is located at the level of $51,913 (Pin Bar high) and $53,333. The momentum is strong and positive. Despite the recent complex and time consuming corrective decline in form of ABCxABCxABC pattern, the larger time frame trend remains up and only a clear and sustained breakout below the wave C low at $41,678 would change the outlook to bearish again. Weekly Pivot Points: WR3 - $54,041 WR2 - $52,052 WR1 - $49,081 Weekly Pivot - $47,204 WS1 - $44,065 WS2 - $42,187 WS3 - $39,115 Trading Outlook: The ABCxABCxABC complex corrective cycle might be terminated at the level of $41,678 and the market is ready to continue the up trend. According to the long-term charts the bulls are still in control of the Bitcoin market and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $39,474 is clearly broken on the daily time frame chart (daily candle close below $39,000 would be considered as a long-term trend change due to the lower low placement). The material has been provided by InstaForex Company - www.instaforex.com
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