Bitcoin analysis update

08.12.2021 11:47 am

Hello, everyone!

Bitcoin price bounced off the S2 Monthly Pivot ($44000) and is trying to break through the S1 Pivot ($50360). Last daily candle closed above it, which is bullish sign, but I don’t like it’s form. It has the long wick to the upside, which tells us about the bearish pressure.

If we take a look at the Modified Money Flow Index, we can see the bullish divergence. Moreover the whales bought this dip, as a result we can see the weak buy signal. If the current daily candle will close above the S1 Pivot, the price has the potential to grow to $53000-$54000 (CME gap).

What shall we do now? I think that the flat scenario between $45000 and $53000 is in the priority. It means that I am going to close most of my positions when the price reach $53000, and buy at the $45000 again.

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