Here we go!

Bitcoin is continuing to make higher lows. We can see for the past year Bitcoin has hugged and bounced off the 200 SMA forming an M-shaped pattern sloping to the upside. Just since Nov., the prices started to fall as did many other markets outside of cryptocurrencies due to macro-economical shifts in the world. On December 4th, 2021, a bearish trend was confirmed as the price broke through and closed below multiple support zones. Keep in mind, that these support/resistant zones are targeted zones of interest for longs and/or shorts depending on who is in control of the market at that time, the longs or the shorts. Momentum dipped hard below the 0 on the MACD and the 50 on the RSI while the volume fell off. The price continued downward until a new floor was created at the $35,000 level. This was the start of the new channel we're currently in. One sloping to the upside with higher highs and higher lows. Currently, we are hugging the support line with falling volume. With Bitcoin testing the bottom support, "targetted zones of interest" begin at the 200 SMA and top of the rising channel for longs. This would be a 20%-25% increase in spot price at the level. Bitcoin's on-chain data shows massive amounts of bitcoin coming off of exchanges continuing the 2-year-long trend. With less bitcoin on exchanges, the order books are much smaller so the price can fluctuate very quickly. High leverage would not be advised at this time unless you're into gambling or set a tight stop loss.

Cavila1

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