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Weekly Bitcoin Technical Analysis (December 13th, 2021)
History for the week (From 6th-12th/Dec, 2021)
Opening price: $49,396, closing price: $50,053 => Spread is $657, up about 1.3%).
Highest price: $51,936, lowest price $46,751 => Spread is $5185 (According to data from Binance exchange).
BTC/USDT weekly chart
With the price closing forming a Doji candle this past week, we still have no confirmation that Bitcoin price has ended its correction.To reinforce the long-term uptrend on the weekly chart, Bitcoin price must close above the $60k region this week.
We will move to shorter timeframes for a more detailed analysis of the direction of the Bitcoin price.
BTC/USDT 3D chart
The downtrend is still present on the 3D chart. The MACD has started to cross the zero line. The sellers are still dominant. It is likely that Bitcoin price will retest one of the two support areas at $43k and 39k$. If the bulls regain the initiative in these two price zones, Bitcoin will end this major correction.
BTC/USDT 1D chart
In about the next 3 days, if the Bitcoin price closes above the $53k price area, the possibility of Bitcoin will recover to the $60k price area (resistance level). Conversely, if the price continues to fall, the support levels will be the same as we mentioned above.
BTC/USDT 4H chart
On the 4-hour chart, Bitcoin price is forming a triangle pattern. For these patterns, we need to wait for the price to break out to a specific trend when the price moves toward the apex. The important support and resistance levels are the same as in the above mentioned timeframes.