Currently Bitcoin appears to be ready to retest 51k before choosing a trend direction. This looks like a Bull Trap to me. A Descending Triangle is usually a continuation pattern. Since Bitcoin dumped before forming the descending triangle, I think we could see another dump soon. We'll have to wait and see what happens.
This is my annotation of today's Bitcoin Price Action. I believe Bitcoin will move up this Ascending Channel and reach @53556 in the immediate short term. This price target is significant because it acted as previous support from (11/26-11/28).
This is my annotation of Today's Bitcoin Price Action
Currently Bitcoin appears to be forming a Bear Pennant on the 1hr chart. The price target of the Bear Pennant pattern is 39053, which is also the price target out of the head and shoulders pattern. If the price drops that low, then I believe there will be an immediate Reaction Rally which should bring the price up a bit, perhaps to the .382 fib level (46691).
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)...
This chart shows my prediction for the climax of the 2020-2022 Bitcoin Bull Run. Since each cycle / Bitcoin Halving extends the cycle, I believe this cycle will be two years long in total. By using the Bitcoin Log Growth Curve + Fib Extension Tool, I'm prediction Bitcoin to peak around $180k in June 2022.
Sunday 11/28 (Bitcoin currently $54,270) This analysis was inspired by the video "BITCOIN MEET WYCKOFF - URGENT VIDEO" by Market Makers. In his video he explained how Bitcoin could reach $42.9k. Please watch the video first for more context. At first I couldn't believe that could happen but after doing some analysis on my own I realized that he could be right....