FX.co ★ Bitcoin analysis for December 20, 2018

Trading recommendations:

According to the H1 time - frame, I found BTC has been trading upwards. As I expected, the price tested the level of $4.045 and met my yesterday's target. Anyway, I found a potential overbought condition on the BTC since the price tested the upper diagonal of the upward channel and did found resistance at Fibonacci expansion 100% at the price of $4.045. My advice is to watch for a breakout of the 3h balance. A breakout below the $3.966 would confirm potential test of $3.882 and $3.662. Anyway, if you see the breakout of $4.083, this may confirm further upward continuation and potential test of the $4.600.

Support/Resistance

$4.083 – Intraday resistance

$3.966– Intraday support

$3.882 – Objective target 1 down

$3.662 – Objective target 2 down

$4.600 – Upward objective target

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