FX.co ★ Trading plan for Bitcoin for December 16 2021

Technical outook:

Bitcoin bounced back from $46,500 lows print on Wednesday and pushed through $49,300 mark on Thursday. The crypto has yet again carved a higher low and is on its way to break higher towards $52,000 in the near term. Ideally, prices should now stay above $42,000 mark to keep the bullish structure intact. Bulls seem to be back in control.

Bitcoin has bounced off the Fibonacci 0.618 retracement mark of the intermediate upswing between $28,600 and $ 69,000 as highlighted on the chart. Furthermore, it has bounced from the fibonacci 0.618 retracement of the immediate upswing between $42,300 and $52,000, which is not shown on the daily chart. A series of fibonacci supports raise probability for a strong rally.

The crypto is facing interim resistance around $52,000, followed by $60,000, while support is now seen at $42,300, followed by $40,000 mark respectively. Only a significant break below $40,000 will change the above bullish structure in the near term.

Trading plan:

Potential rally through $70,000 against $40,000

Good luck!