Bitcoin Analysis 12/05/21

6 Ara 2021

Currently Bitcoin appears to be forming a Bear Pennant on the 1hr chart. The price target of the Bear Pennant pattern is 39053, which is also the price target out of the head and shoulders pattern. If the price drops that low, then I believe there will be an immediate Reaction Rally which should bring the price up a bit, perhaps to the .382 fib level (46691).