In the previous analytics, we talked about the fact that Bitcoin looks weak and the local advantage is on the side of the bears. Since then, Bitcoin has lost about 30% in value. Also, a key minimum was identified for which the bulls will need to fight more actively so that the situation does not get worse.
Well now, in fact, the price has reached the zone where this struggle begins (it is marked as a gray rectangle )
If the demand is strong enough to keep the price in this area (44k-45k), we have every chance to push off from this zone and then the bulls can take over the local initiative.
If the bitcoin price passes this zone (the gray rectangle ) and comes close to the minimum around 40k (marked with a red checkmark), the chances will be much less to keep the price and this minimum will be more likely to be updated, which will accordingly trigger additional supply.
Most likely, this situation will not be resolved quickly, especially based on the candle of December 4, so you should be patient.
The initiative is still on the side of the bears. The price is still below the moving average. Locally, we are in a downtrend where the lows and highs are going down.
The price has come close to a strong support zone, where the bulls have a chance to seize the initiative. To do this, the bulls need to prevent the supply from pushing the price below the area marked with the gray rectangle. The trigger that the bulls are still in play will be price holding above 52k. (marked with a yellow checkmark)