Possible congestion development for Bitcoin
Bitcoin daily chart finding support on its 200SMA in area 46,900 after the drop that tested successfully its 61.8% Fibonacci retracement of the July-November uptrend.
The 04th December candlestick looks bullish given its large shade, but prices made a pullback on the broken bullish trendline.
Possibility of further price compression and development of congestion before taking direction. At the moment more likely trading range opportunities.
Below 200SMA and 61.8% Fibo continuation of bear market while a breakout above its bullish trendline would create conditions for bringing buyers in control again.
The 04th December candlestick looks bullish given its large shade, but prices made a pullback on the broken bullish trendline.
Possibility of further price compression and development of congestion before taking direction. At the moment more likely trading range opportunities.
Below 200SMA and 61.8% Fibo continuation of bear market while a breakout above its bullish trendline would create conditions for bringing buyers in control again.
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