Bitcoin Technical Analysis 7 December, 2021

• Bitcoin reversed the support zone
• Likely to rise to resistance level 54000.00

Bitcoin cryptocurrency recently reversed up from the support zone lying between the key support level 42000.00 (which reversed he price multiple times in September), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price impulse from the middle of July. The upward reversal from this support zone started the active intermediate impulse wave (1).

Given the clear daily uptrend and the widespread risk sentiment improvement due seen across the cryptocurrency markets today, Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 54000.00 (former low of wave (A) from last month).

Was this post helpful?