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Forex Analysis & Reviews: Bitcoin: upside pressure intact above 16,783
time 06.12.2022 10:01 PM
time Relevance up to, 07.12.2022 10:01 PM

Bitcoin dropped after reaching 17,418 yesterday. It has dropped by 2.89% from this level to 16,914 today's low. Still, the current drop could be only a temporary one. Technically, as long as BTC stays above the immediate downside obstacles, it could try to print a new upside momentum.

In the last 24 hours, BTC/USD is down by 0.49% but it's still in the green by 3.17% in the last 7 days. The current retreat forced the altcoins to lose altitude as well.

BTC/USD Minor Retreat?

This image is no longer relevant

As you can see on the h4 chart, BTC/USD dropped after retesting the ascending pitchfork's median line (ml). This stands as a dynamic resistance. Now, the price could reach and retest 16,783 and the weekly pivot point of 16,789.

The ascending pitchfork's lower median line (lml) represents dynamic support. As long as it stays above it, BTC/USD could develop a new bullish movement.

BTC/USD Forecast!

Testing and retesting the immediate support levels, registering only false breakdowns may announce a new bullish momentum and could bring new longs.

A valid breakdown below the lower median line (lml) invalidates an upside continuation and brings short opportunities.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
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