Weekly Bitcoin Technical Analysis (December 6th, 2021)
History for the week (From 29th/Nov-5th/Dec, 2021)
Opening price: $57,274, closing price: $49,396 => Spread is $7,878, down about 13.8%).
Highest price: $59,176, lowest price $42,000 => Spread is $17,176 (According to data from Binance exchange).
BTC/USDT weekly chart
Bitcoin and most altcoins sold off on Dec 4 with massive deleveraging seen in the crypto derivatives markets. Data suggests more than $2.5 billion of crypto liquidations over a 24-hour period after the breaking the strong support at $53k area.
The resulted in panic selling that made the pair plunged to $42k and the technical indicators are giving bad signal to the market. However, Bitcoin price closed above the MA 50 and the uptrend line on the weekly chart. So, it would make us expect that Bitcoin has not yet entered a bearish cycle.
BTC/USDT daily chart
With the current price pattern, there is still no sign that the bears have stopped. The price has broken out of the lower band of BB. The price is likely to move sideways for the next few days, then there will be 2 cases:
The bear will have the upper hand and pull the price to the next stop at $40k.
After moving sideways into the BB range, the price will rally back to the $59k in this week.