Technical analysis by RSibayan about Symbol BTC: Buy recommendation (12/8/2021)

Bitcoin has now painted a High High and a couple of Higher Lows with a Market Structure broken at $47,450 this asset is now trending upwards locally on this ascending channel.With the green ascending trend line issued as support, a breach of this line (like another flash crash) could bring Bitcoin down to the previous support at $43,334 or even lower. But for now the price is going up until it starts to retrace once again, so watch the green ascending trend line. The Fib levels show target prices with this ascending channel.The 50 and the 200 EMAs are potential targets and possible levels of reversalUPT: $52,520$55,667More optimistically, $58,813 @ the Golden Ratio 61.8%, towards the Golden Pocket @ $59,666.DPT: $43,334 (back to the Golden Pocket)$37,403 (78.6% Fib)Blue Skies for Bitcoin for now in this ascending channel, but never let your guard down and don't get caught with your pants down.Remember, price action is always KING!More power to all your trades, my friends!RonIntrepid_Trader