Nothing new – Traders are waiting for the breakout – preferably bullish – that could end the current consolidation. Bitcoin (BTC)
is nowhere near its all-time high, but the mainstream media seems to be exaggerating the extent of the current correction.
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Bitcoin consolidation: extension without a bullish breakout
Trader Michael van de Poppe reminds us in his tweet yesterday, December 1, 2021, that he remained “cautious/bearish” with bitcoin below $60,000. He urges buyers to watch for $53,000 – $54,000, and $47,000 – $50,000. Bitcoin has remained confined (trending) in the $55,000 – $60,000 area for the past several days for now.
Trader Rekt Capital shared a chart showing bitcoin trading for over two weeks in a descending bevel. Bitcoin needs to, in his words, “close above the diagonal to confirm a breakout”. In the absence of such a breakout, markets should expect “more consolidation inside this bevel”.
<img width=”1617″ height=”1080″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%201617%201080’%3E%3C/svg%3E” alt=’Bitcoin (BTC) needs a bullish breakout from the current downtrend bevel, to eventually end the consolidation.” /><img width=”1617″ height=”1080″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/12/rekt2..jpg” alt=’Bitcoin (BTC) needs a bullish breakout from the current downtrend bevel, to eventually end the consolidation.” />Publication by Rekt Capital – Source: Twitter
Glassnode points out in his November 29, 2021 The Week on Chain newsletter
, the bearish sentiment conveyed by the mainstream media, while bitcoin is trading at over 20% of its current ATH :
“With bitcoin now more than 20% below its all-time high, mainstream media headlines have declared that bitcoin has entered a bear market”
Glassnode nevertheless points out that the current correction is the least significant bitcoin has seen in 2021:
“However, some readers may be surprised to learn that the current market correction is actually thea less severe in 2021. Some might even say that it’s business as usual for a HODLer Bitcoin “
Can the rally resume during this December 2021, or should we expect a drop below $50, 000? A breakout will certainly break the monotony, but will it be bear or bull friendly?
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