BTC Bitcoin: 200MA and Fibonacci Retracement

Hello friends, today you can review the technical analysis on the 1W chart for Bitcoin (BTCUSD).

Many people all around us are predicting that the crypto market will rebound and though I want to be optimistic, I have to be realistic because too many people bought crypto at high prices unlike some of these people on YouTube that bought under $500 so for them it's a different story. Simply said, be realistic about bitcoin and the markets.

1) Bitcoin price is shown from the beginning of when it was traded on the Coinbase exchange as noted in the chart on a 1W basis.
2) CryptoPickk shows the Fibonacci Retracement focusing in on two price points.
3) The Fibonacci level at 0.236 at $16.5K is close to the 200 MA (moving average) which is at $18K.
4) Lastly the prior all time high was around $20K.
5) That entire area as shown in the yellow rectangular box may be the area where price may get supported in case we are really in a bear market for Bitcoin and other cryptos.
6) Keep an eye on the RSI (relative strength index) which is very close to touching a multi-year trendline. If it bounces off of it, that would be amazing. If it goes below, it could get really bad.
7) These are the times to be a bit cautious and if you want to buy the dip, consider the downside potential.
8) Noted below are a few articles on why CryptoPickk believes the markets could drop further:
a) https://www.reuters.com/markets/rates-bonds/china-evergrande-gets-260-mln-guarantee-demand-2021-12-03/
b) https://www.reuters.com/markets/us/slower-us-job-gains-may-prove-no-barrier-faster-fed-taper-2021-12-03/
c)https://www.reuters.com/markets/us/goldman-sachs-cuts-us-gdp-growth-forecast-2022-over-omicron-fears-2021-12-04/
d) https://seekingalpha.com/article/4472980-transfer-payments-and-consumer-sentiment-spell-trouble

It's not the time to get completely negative on the markets, but it is a time to start thinking about what to do next. Be cautious.

What are your opinions on this?

If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.

Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk

Comment:

Wow, December 4, I was showing the $18K level. Come on people!

Comment:

Wow, still in motion! I gave a bunch of warnings in December 2021, but who listens?

Comment:

BTC - Wow, it's still on point! I am sure I was one of the few that called this!