Advanced Technical Analysis of Bitcoin's Price Movement
2023-12-04
Category: None

Current Situation: Bitcoin has reached a major resistance zone at $42,000 with an RSI of 81, indicating an overbought condition.

Profit-Taking Scenario: People who bought Bitcoin around 24k avg or 40k avg (making around 100% profit or taking the change out) might start selling, leading to a potential price drop.

Possible Price Movements:

If a red candle appears, indicating a selling trend, the price might drop to approximately 24k

Alternatively, there could be a pump towards the $48,000 zone, followed by a correction towards the $31,000 level.

Future Predictions:

During the Bitcoin halving and ETF (Exchange-Traded Fund) approval, the price potentially with time will reach 69k

Following this, I expect the formation of an inverse head and shoulders and a cup and handle pattern, potentially leading Bitcoin towards the $100,000 zone.
ABCD and Expanding Triangle Patterns: from $69,000 to $14,000 suggests a retest of the A and C zones. Additionally, an expanding triangle pattern indicates movement towards point E.

Disclaimer: I am not a financial advisor, indicating that this is a personal analysis and not professional financial advice
