Technical analysis by YGTtrader about Symbol BTC: Buy recommendation (12/16/2024)

👋 Welcome to YGTtrader Academy! Let's get ready for the week ahead! We could see a strong move or some consolidation, so let's set our trigger points in advance and analyze all the scenarios before the market moves. As always, let's start by looking at Bitcoin to complete our altcoin analysis. Yesterday, BTC broke the 103000 area but encountered significant resistance at 106,600. This resistance is the upper level of the upward channel we have determined in the short term, but BTC it could not break this level and started a new correction movement. However, yesterday's break showed us that BTC finally broke the 100K barrier with volume and showed us signals that it could go towards new ATHs, and indicated that the rise is likely to continue. However, we can expect BTC to make a correction or pullback to the 103,000 band it broke in the short term. For the next week, if Bitcoin dominance rises and BTC moves parallel to it, prioritize Bitcoin trades or coins that perform well against BTC. If BTC dominance falls, focus on altcoins. However, the first bullish move will likely come with increasing BTC dominance.