Bitcoin Mirroring Last Week of 2021
Bitcoin all time history index INDEX:BTCUSD
Late December 2021, $BTC had a small relief rally meeting resistance at $51k.
Plateauing on the 23rd above the 20 SMA and below the 50 SMA , Bitcoin lost support by 12/28 and realized >30% retracement by 3rd week of January.
The most recent rally on 2/4 is setting up in a way that looks to mirror the plateau forming a similar rectangle / flag pattern .
Sentiment for this pattern is generally bullish , however recent similar pattern proved to be a bull trap.
Caution needs to be exercised, looking for a breakout candle confirming above $41.5k, likely meeting resistance at $44k.
