03.12.202115:44 Forex Analysis & Reviews: Bitcoin continues to give hopes for a bounce towards $63,000.

Bitcoin continues to trade around $57,000 as price is mostly moving sideways the last couple of sessions. Price remains below the short-term resistance at $59,000 and above the recent key lows at $53,500.

Exchange Rates 03.12.2021 analysis

Yellow rectangle - resistance

Blue rectangle- target if resistance is broken

Blue lines - Bullish RSI divergence

Black lines - Fibonacci retracements

Bitcoin as we mentioned in previous posts, has most probably completed its first leg down around $53,000 and is now bouncing. Our first target was the 38% Fibonacci retracement. Our second and final target is at the 61.8% Fibonacci level. I believe a move towards the blue rectangle is the most probable scenario. This scenario gets cancelled if price breaks below $53,000 level.

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

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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