FX.co ★ Trading plan for Bitcoin for December 10 2021

Technical outlook:

Bitcoin is retracing its recent upswing between $43500 and $52000 levels, before resuming higher again. The crypto has dropped through $47300-400 zone and might have found interim support. A push above $52000 is required to confirm that bulls are back in control and a meaningful bottom is in place around $43500 mark.

Bitcoin has bounced off the Fibonacci 0.618 retracement of the entire rally between $28600 and $69000 as depicted on the daily chart. Immediate price support is seen at $40000 while short term interim resistance is around $52000 levels respectively. High probability remains for the uptrend to resume until $40000 support remains intact.

Bitcoin may drop through $46000 mark, before bouncing off higher again. Only a break below $40000 mark will open the door to test $28600 and lower. Keep an eye on $52000 high to be broken before the rally accelerates further.

Trading plan:

Potential rally towards $70000, against $40000

Good luck!