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02.12.202210:32 Forex Analysis & Reviews: BTC update for December 02,.2022 - Potential for bigger rally

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 02.12.2022 analysis

BTC has been trading sideways at the price of $17.000 but there is the breakout of the supply trend-line in the background, which is sign that buyers are in control.

Trading recommendation:

Due to the breakout of the supply trendline in the background, I see potential for furtehr growth.

Watch for the potential buying opportunities on the intraday dips with the next main upside objective at the price of $21.350.

MACD oscillator is showing fresh upside momentum, which is strong sign that buyers are in control.

Key support is set at the price of $16.000

Petar Jacimovic
Analytical expert of InstaForex
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