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

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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

Petar Jacimovic
Analytical expert of InstaForex
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