BTC reached our next downside target at 46,000 as detailed in our Nov 26 update [see: Update on Bitcoin – Nov 26, 2021.]
Though the dashed black line offers potential support, the more significant downside target is the SMA200 currently at 45,997. We’ll call it 46,000 since BTC seems to like round numbers lately. It represents another 15% below current levels for a total drop from Nov 10 of 33.3%.
It actually plunged well below 46,000, reaching 41,967 before snapping back above the 200-DMA by the close. For better or worse, BTC continues to play by the rules of chart and Fibonacci patterns – our rules, at least. We have to wonder whether this will finally dampen the bullishness of those who have been calling for 500,000 and even 1,000,000.
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