The new week for Bitcoin has officially started. I decided to start consistently posting Weekly Analysis on Bitcoin at the beginning of its week. I aimed for a more bullish bias this week, so i'm going to briefly explain how i came up with my hypothesis.
Last week BTC topped out at $19,918, soon after it made an immediate drop to $18,100 all in one day. (December 1st) The following days it consolidated between $19,700 & $19,160, give or take a few hundred pips to the downside. Currently it seems it may be retracing to key levels from the 4H & Daily Time-frame. For obvious reasons I predict a rise to $20,000 & Beyond, after a breakout of Pysch level $19,500. I charted a couple scenarios for the bullish action with an arrow tool. For added confluence, I spotted a Double Bottom Pattern that isn't fully completed yet. In order for completion, price has to travel to $19,700. A failed breakout under my Blue EMA signals, that there may be no bearish strength at all...
Leave a like if you agree with my Analysis Leave a comment if you're trading BTCUSD this week