In early December the 20/21w MA support band was in the same range, and Bitcoin bulls attempted a final rally to recover it- but were firmly rejected at a resistance just under that support band in the $50k-51k range.. leading to our weeks of bearish indecision.
We are again at this level, with a quieter rejection and retracement that appears to be painting a falling wedge or similar bullish pattern. I'm not convinced this will break to the upside over Christmas, but perhaps soon after bulls will attempt a rally into and over the 20/21w band and this resistance level. At a minimum I think we'll see a retracement to the lower $50k range, with a bullish retracement at 38% fib level landing around $50.1k.
We are again at this level, with a quieter rejection and retracement that appears to be painting a falling wedge or similar bullish pattern. I'm not convinced this will break to the upside over Christmas, but perhaps soon after bulls will attempt a rally into and over the 20/21w band and this resistance level. At a minimum I think we'll see a retracement to the lower $50k range, with a bullish retracement at 38% fib level landing around $50.1k.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.