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.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Alexandros Yfantis,
Chuyên gia phân tích của InstaForex
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