Cup + Handle formation, projected movement into January 2022
Between now and Christmas, I expect us to drop to 42k in light of heavy resistance around the 47k mark.
If we start to recover around the 42k area and push up to 47k, we can see a cup forming. A subsequent dip to 45k would complete a C+H, which would look great for BTC - we may end up with enough momentum to push straight through the Bear Arena. This implies a massive run back up to roughly 57k and straight into the marked Bull Arena.
A failure to recover at 42k could tumble us down to around 36k. I think this is unlikely given the trend implied by the RSI Support.
If we start to recover around the 42k area and push up to 47k, we can see a cup forming. A subsequent dip to 45k would complete a C+H, which would look great for BTC - we may end up with enough momentum to push straight through the Bear Arena. This implies a massive run back up to roughly 57k and straight into the marked Bull Arena.
A failure to recover at 42k could tumble us down to around 36k. I think this is unlikely given the trend implied by the RSI Support.