BITCOIN - where to next? My 2 cents worth (December 4, 2021)

Hi to all,

I don't trade crypto. In fact i don't care about crypto, or it's future potential or benefits - or what it could do, may do, possibly do, and/or perhaps will be in the future. In saying that, i do observe the bitcoin chart on one of my saved chart templates regularly - particularly over the weekend (for curiosity mainly) - as i love technical analysis.

In my normal weekend analysis i undertake (as per my normal process of weekly review of the trading week that has just gone by), i decided to look into the daily and weekly chart (after the big price action drop today - Saturday December 4 - price currently approx. 47,000 - being an approx. 10%/11% + drop today alone) - as i type these comments.

I note the following on my chart:

Confluence of levels including:

- 61.8 Fib from the July low
- 38.2 Fib from the 2021 low
- Trend Line Support here.

In my opinion (which doesn't necessarily mean anything at all ), it an interesting price action point when observing the longer time frames. A break below here could really accelerate some further down side - clues on the faster time frames should or may provide further indications from here. I would not be surprised either if price holds here also.

Best wishes to all and stay safe.

bazzman78tv :)