How Bitcoin Price Action May Unfold in Days, Weeks Ahead

[MongiIG]

BTC had a big puke earlier in the month, and with it now weakening a retest of that low could be in store. There are a couple of scenarios to watch as levels of interest could soon come into play.

 

[MongiIG]

[MongiIG]

38 minutes ago, MongiIG said:

BTC had a big puke earlier in the month, and with it now weakening a retest of that low could be in store. There are a couple of scenarios to watch as levels of interest could soon come into play.

 

BTC/USD TECHNICAL OUTLOOK

• BTC/USD in retest mode of the earlier month puke
• A test of big support could be ideal for setting up the upside

BTC/USD puked earlier in the month on a Saturday, and following that it has been in a bit of a meander. What could actually be bullish for Bitcoin, is if it were to actually test the December 4 low or worse, where it could hit significant support around the 40k mark. In the very near-term there is a channel on the 4-hr chart to keep an eye on as a guide to how the retest scenario plays out…

BTC/USD DAILY CHART

BTC/USD 4-HR CHART

BTC/USD Chart by TradingView

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Written by Paul Robinson, Market Analyst, 17th December 2021. DailyFX