Weekly Bitcoin Technical Analysis (December 20th, 2021)
History for the week (From 13th-19th/Dec, 2021)
Opening price: $50,003, closing price: $46,681 => Spread is $3322, down about 6.6%).
Highest price: $50,189, lowest price $45,456 => Spread is $4733 (According to data from Binance exchange).
BTC/USDT weekly chart
The uptrend is still present on the weekly chart, and the Bitcoin price is still holding on to the trendline as we mentioned many weeks ago. According to the candlestick counting method, after a series of bearish weeks (from 5-6 weeks). According to the candlestick counting method, after a series of bearish weeks (from 5-6 weeks) we will often see a rally again and it will happen within 8 to 9 weeks.
We expect a bullish reversal candle to appear at the price range from 43 to 45k in the next 1 or 2 weeks. Then the Bitcoin price will move sideways for a couple of weeks before surging.
Conversely, if the price breaks below trendline support (~$43,000), a bear market will likely to appear in the near future
BTC/USDT 1D chart
A positive signal when we look at the Bitcoint price on the daily time-frame. The technical indicators show that bears are starting to lose the upper hand.
The MACD line has crossed above the Signal line
The lower band of BollingerBand has begun to tighten
There will be 2 predictions for the Bitcoin price trend this week.
The possibility that Bitcoin price will retest the support level at $43,000 before a strong rally to the $56,000 area.
Bitcoin will move sideways for a few days before surging to the $56,000 price zone by the end of the week.