Bitcoin has been in a falling wedge (between the two red lines), and has broken out to the upside. However, it is too early to celebrate. There is strong resistance between $48,600 - $50,000 that could push the Bitcoin price back down. There is the potential for a Christmas rally if BTC moves sideways, which gives Altcoins some potential for profit this week.
Keep in mind that we had a lot of bearish news with Fed tapering and Omicron cases spreading quickly. This causes people to have fear, and makes them less likely to long or hold at these price levels. In order for BTC to have a Christmas rally, we need to get a 4 hour or preferably daily candle close above the orange line, which has been giving us strong resistance since November.
Keep in mind that we had a lot of bearish news with Fed tapering and Omicron cases spreading quickly. This causes people to have fear, and makes them less likely to long or hold at these price levels. In order for BTC to have a Christmas rally, we need to get a 4 hour or preferably daily candle close above the orange line, which has been giving us strong resistance since November.