Bitcoin 12/04/21 Analysis
There are a few things happening in the chart:
1. BTC needs to close this week's weekly candle above 46000 in order for the Macro Cup and Handle Pattern (started 04/12) to still be valid
2. BTC has a price target out of this head and shoulders pattern (10/15-12/03) at 38600. It should reach that target on 12/06
3. BTC needs to find support above the .5 (50109) and .618 (52275) fib levels in order to avoid a dead cat bounce scenario
4. If BTC breaks down further, it has strong support around 30000. This is supported by previous support (05/19 - 07/21) and support from this descending broadening bottom pattern (started 11/09)
1. BTC needs to close this week's weekly candle above 46000 in order for the Macro Cup and Handle Pattern (started 04/12) to still be valid
2. BTC has a price target out of this head and shoulders pattern (10/15-12/03) at 38600. It should reach that target on 12/06
3. BTC needs to find support above the .5 (50109) and .618 (52275) fib levels in order to avoid a dead cat bounce scenario
4. If BTC breaks down further, it has strong support around 30000. This is supported by previous support (05/19 - 07/21) and support from this descending broadening bottom pattern (started 11/09)
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