What’s going on with bitcoin?
Well, there is a lot of fear out there. China’s Evergrande, tether, stock markets, bond markets, and omicron, and so many other things are weighing in on bitcoin.
If we take a look at the charts, what I see is bitcoin is approaching a lot of confluence. Good chance it could bounce off $47,150 if that confluence holds. There are 2 support lines and the 200 day SMA that it’s approaching almost bang on.
So, if it bounces off that, that wouldn’t surprise me. If it blows past those lines, then it looks like it will head to around $44,150. And below that, the thick rectangle would be my next target.