2021-12-06 17:59:24
Bitcoin Update
*(Please read carefully)*
Bitcoin closed weekly at 49,464$, with a slight difference of $536 from $50,000, which is the weekly support that I was looking to close above.
A weekly close with a small difference from support needs confirmation of its failure with a second candle, which is the next weekly close, because the market whales always play this game of closing a bit under support to grow fear among traders.
After this dip and the weekly close under support, I see traders and analysts finally saying its the bear market. This gives me a sort of optimism because whenever all analysts are on the same page, BTC goes down. Now we have this disagreement which is a good sign.
We could see a revisit to 40-44k, which are areas of entry and reinforcement...why? We could notice that just touching $41,600 last Saturday, huge liquidity entered and we had a fast recovery to 47k, and so far it is considered provocative areas for buyers. However, keep in mind that a weekly close under 40k = close all your trades.
I could also see bitcoin eventually making a retest to +53k. A daily close above 53,500$ is a very good sign and leads to new highs. If we get rejected from there and go back to 41k, we will be forming a head and shoulders pattern which could trigger a visit to the 30k zones.
A summary for what have been said:
We might still go down to 40-44k. These will be good buy zones. What to expect after that? A retest to +50k zones. From there, either we break 53,500$ and go to higher highs, or we get rejected, forming a head and shoulders pattern which could lead BTC to visit the 30k zones. Remember, a weekly close under 40k = close all your trades. Don't sell now, I'll keep you updated
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