฿ Bitcoin BTC/USD Daily Video, December 07, 2023

[Sive Morten]

Greetings everybody,

BTC is coming closer and closer to our primary target of 48.50-51.10K on monthly chart. But now it is overbought on daily and it makes sense to wait for the pullback. 41K area now seems as potentially interesting for another long entry:

 

[sveckar22]

I am waiting to see where BTC will close on the Weekly chart, close below the OP target could mean deeper retracement.

0.382 FIB from $25400 lows stands exactly at the OP, but it might be a stretch in 3.5 trading days remaining until the end of the week.

ETH/USD has hit the OP target in confluence with 0.5 FIB from $3580 and the upper border of the channel. Looking at what type of weekly close we get as well.

On the daily chart at the current levels, I don't see anything apart from this a little bit of extended butterfly, there are some minor OP nad XOP targets above the 0.382 FIB from all time highs, but that would probably suggest upside continuation and a breakout of the channel.

Maybe we get H&S on lower timeframes.

 

[Sive Morten]

Maybe we get H&S on lower timeframes.

Hi mate. Bad shape for H&S, too slow right slope... usually this happens before upside continuation. It is more the retracement sign rather than reversal one.