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Bitcoin Price Chart Analysis for 5th December 2023

Bitcoin reaching significant highs for FOMO effect. More higher side is pending however ths like many other indices has reached over bought zone. Perhaps cool off on 1H is not pending with targets around 44400 for now, should pull back in a while.

Bitcoin Steam

Our initial target for wave 3 was correct, however this wave 4 internal mentioned in grey could have gone lower which it did not. Usually, 4th wave pull back goes to 38.2% or 23.6%, this was much lower than that showing the high effect, the buyer power and also the fact that in wave 3 of 3 .. and such waves, this usually happens even in Equity stocks.

Overall Heikinashi Candles are perfect to follow the trend, I also like checking super trend. Never trade against them.

How to trade further, wait for some pull back if you are late here, or plan trades on Alts. Check price action, many Alts have not moved much for this Bitcoin upside, signifying what? - there is an untold story here.

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