Bitcoin (BTC) futures – Snapped the five-week losing sessions

Bitcoin (BTC) futures – Snapped the five-week losing sessions

Posted on Monday, December 27 2021 at 10:03 pm GMT+0000

Bitcoin (BTC) futures piloted higher in the past week after a bounce near the 38.2% Fibonacci retracement level of the March-November uptrend and the 50-week simple moving average.

It not only snapped the five-week losing sessions but also printed a large bullish reversal candle, similar to the pattern posted late September which led the way towards the 69,000 all-time high.

Technically, the long-term outlook is still upbeat amid successive higher highs and higher lows and is sponsored by the persistent positive alignment of the long-term simple moving averages.

Hence, the crypto-king molded some footing around the 45,000 level and appears to be pushing efforts to resume the uptrend, something also being suggested by the RSI bullish hidden divergence.

If that bullish scenario persists, the price will fill the gap posted by late November. A sustained move beyond the 53,500 which overlaps with the September 7th high should bolster buying interest towards the 60,000 area, and likely trigger a fresh test of the 69,000 peak.

Otherwise, any decisive breach of the 38.2% Fibonacci level at 44,180 should attract new selling interest steering the price towards the 50.0% and 61.8% Fibonacci levels at 36,530 and 28,880 respectively. Any violation at this point will dramatically downgrade the current outlook.