Technical analysis by JoshAMS about Symbol BTC: Buy recommendation (12/27/2023)

Over the course of the last few days we have seen a local top of BTC above $44k. The following move was a drop towards $40K levels after which many traders & analysts were speculating a drop to potentially 36K or even lower. Looking at the price action of BTC on the 4H timeframe we see that it is moving sideways in a 'box' which has started to look like a move of consolidation. Initially it seemed like it formed a double top which could have led to lower lows, but the recent bounce on 41.7K seems to have invalidated that scenario. Looking at the current price action I believe that due to its higher highs and higher lows, its realistic to a assume that BTC will print another higher low before breaking out to 47K. This spike upwards could be pushed further towards 50K+ in case of ETF approval on the 10th of January. As always, this is my view and not financial advise. DYOR and trade with care!