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05.12.202216:10 Forex Analysis & Reviews: Short-term analysis on Bitcoin for December 5th, 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.

Exchange Rates 05.12.2022 analysis

Green lines -Fibonacci retracement

Blue line- support trend line

Bitcoin is trading around $17,200 as price continues to respect horizontal support around $16,900. Price continues making higher highs and higher lows as price respects the upward sloping support trend line. Bulls have managed to recapture the 23.6% Fibonacci retracement and looks like they are heading towards the 38% retracement level. The 23.6 retracement level used to be a key trading range resistance and now its a key short-term support. $17,800 is our next short-term target.

Alexandros Yfantis
Analytical expert of InstaForex
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