02.12.202114:16 Forex Analysis & Reviews: BTC analysis for December 02,.2021 - Potential for the further drop

Technical analysis:

Exchange Rates 02.12.2021 analysis

BTC/USD has been trading downside due to the breakout of the contraction in the background. There is potential for the further drop.

Trading recommendation:

Due to strong downside movement in the background and breakout of the contraction I see potential for the downside movement.

Watch for selling opportunities on with the potential downside objectives at $55,200 and $53,400.

Stochastic oscillator is showing fresh bear cross, which is another sign for the weakness.

Resistance is set at the price of $57,400

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2022
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