BTCUSDT 51400 Weekly Update DEC07-13 2021
On the Quarterly view, Bulls will need to close above 57k for a trend continuation to 178-200k
Monthly 21e sprt 37k on avg
21d 21ema sprt 40-42k on avg
Bitcoin correction is still on going on the low degree. It will likely take time to get a bullish reversal pattern.
Prices are below the:
6H21
D21
3D21
W21
And price are not yet forming 6H bull divergence
BTCUSDT will need to take out the D21, then the 3D 21 before a strong bull trend can begin
**Note: As long as price are below the 3D 21a and macd on 3D is negative, the trend will stay bearish.**
Prices can still stay in this range of 54k to 40k for weeks or even Months depending on volatility.
Additionally, have to recall that M21ema is at 37k and the 21D21 is at 42k. Therefore, below 42 (40-37k)k is not a bear territory, but rather a bull territory and prices will likely be sprted in that zone (42-37 or 21D21-M21)
Since 54k provided sprt from the 69k resistance, then ~54k will likely provide resistance also in the short to medium term, similar to how 42k was resistance btw May-July and 30k was providing sprt in that time span.
**Therefore, I will have a bullish outlook if prices retest those levels (42-37K) or when prices gets above the 3D 21e with a positive macd.**
Monthly 21e sprt 37k on avg
21d 21ema sprt 40-42k on avg
Bitcoin correction is still on going on the low degree. It will likely take time to get a bullish reversal pattern.
Prices are below the:
6H21
D21
3D21
W21
And price are not yet forming 6H bull divergence
BTCUSDT will need to take out the D21, then the 3D 21 before a strong bull trend can begin
**Note: As long as price are below the 3D 21a and macd on 3D is negative, the trend will stay bearish.**
Prices can still stay in this range of 54k to 40k for weeks or even Months depending on volatility.
Additionally, have to recall that M21ema is at 37k and the 21D21 is at 42k. Therefore, below 42 (40-37k)k is not a bear territory, but rather a bull territory and prices will likely be sprted in that zone (42-37 or 21D21-M21)
Since 54k provided sprt from the 69k resistance, then ~54k will likely provide resistance also in the short to medium term, similar to how 42k was resistance btw May-July and 30k was providing sprt in that time span.
**Therefore, I will have a bullish outlook if prices retest those levels (42-37K) or when prices gets above the 3D 21e with a positive macd.**
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