For Traders

Analytical Reviews

Crypto-currencies

01.12.202215:25 Forex Analysis & Reviews: Short-term technical analysis on Bitcoin for December 1st, 2022.

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.

Green lines- Fibonacci retracement levels

Red lines- equal size advances

Bitcoin has started December trading on a positive note as price is starting to form higher highs and higher lows on an intraday level. Price has broken above the 23.6% Fibonacci retracement level resistance. This is not a very important resistance level by itself, but the fact that price was moving sideways for the last couple of weeks, makes it worth noting. So far price has made an equal rise similar to the first upward move from the $15,477 low on November 21st. The RSI in the 4 hour chart has reached overbought levels. Next major short-term resistance is at $17,791 where we find the 38% retracement level. As long as price is above $16,000 we expect to see price reach the 38% level and why not higher.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade