FX.co - BTC analysis for December 02,.2021 - Potential for the further drop

2021-12-02T12:16:55

Relevance until2021-12-03

Technical analysis:

BTC analysis for December 02,.2021 - Potential for the further drop

BTC/USD has been trading downside due to the breakout of the contraction in the background. There is potential for the further drop.

Trading recommendation:

Due to strong downside movement in the background and breakout of the contraction I see potential for the downside movement.

Watch for selling opportunities on with the potential downside objectives at $55,200 and $53,400.

Stochastic oscillator is showing fresh bear cross, which is another sign for the weakness.

Resistance is set at the price of $57,400

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC analysis for December 02,.2021 - Potential for the further drop