In early December the 20/21w MA support band was in the same range, and Bitcoin bulls attempted a final rally to recover it- but were firmly rejected at a resistance just under that support band in the $50k-51k range.. leading to our weeks of bearish indecision.
We are again at this level, with a quieter rejection and retracement that appears to be painting a falling wedge or similar bullish pattern. I'm not convinced this will break to the upside over Christmas, but perhaps soon after bulls will attempt a rally into and over the 20/21w band and this resistance level. At a minimum I think we'll see a retracement to the lower $50k range, with a bullish retracement at 38% fib level landing around $50.1k.
We are again at this level, with a quieter rejection and retracement that appears to be painting a falling wedge or similar bullish pattern. I'm not convinced this will break to the upside over Christmas, but perhaps soon after bulls will attempt a rally into and over the 20/21w band and this resistance level. At a minimum I think we'll see a retracement to the lower $50k range, with a bullish retracement at 38% fib level landing around $50.1k.
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