This last month of November was quite a ride, peaking at the $68,361 (3.618 Fib) resistance level to dumping and finding a local bottom at $43,850, a combination of euphoria and depression in the markets.
At the moment, Bitcoin doesn’t look bullish, however, that doesn’t make it necessarily bearish either. We are currently what it looks like, in a stage of capitulation just underneath the $51,689 support level as well as this trend line. From here, i’m expecting Bitcoin to dance around these two levels before gaining them as levels of support, and finding $54,028 (2.618 Fib) as the next target.
The dump down we saw a scam wick on December 3rd with orders hitting at $43,850 - $44,854, and another test of $47,410, implying bullish momentum is about to occur in the markets. However, I believe we’ll see a slow accumulation going into the rest of the year and the holiday season, as the markets take the stairs up and the elevator down. It’s going to take a few weeks at least for us to regain our previous ground and look forward to new high targets.
As always please do your own research, I am not a financial advisor.
At the moment, Bitcoin doesn’t look bullish, however, that doesn’t make it necessarily bearish either. We are currently what it looks like, in a stage of capitulation just underneath the $51,689 support level as well as this trend line. From here, i’m expecting Bitcoin to dance around these two levels before gaining them as levels of support, and finding $54,028 (2.618 Fib) as the next target.
The dump down we saw a scam wick on December 3rd with orders hitting at $43,850 - $44,854, and another test of $47,410, implying bullish momentum is about to occur in the markets. However, I believe we’ll see a slow accumulation going into the rest of the year and the holiday season, as the markets take the stairs up and the elevator down. It’s going to take a few weeks at least for us to regain our previous ground and look forward to new high targets.
As always please do your own research, I am not a financial advisor.
