FX.co - BTC analysis for December 16,.2021 - Potential for another drop

2021-12-16T17:17:01

Relevance until2021-12-17

Technical analysis:

BTC analysis for December 16,.2021 - Potential for another drop

BTC has been trading downside due to double top formation in the background. There is chance for further downside movement.

Trading recommendation:

Due to double top formation and rejection of Fibonacci 100% expansion, I see potential for the downside movement.

Watch for selling opportunities on the rallies using the lower intraday frames.

Downside objectives are set at the price of $46,655 and $45,817

Stochastic is showing downside reading and potential for further downside movement.

Key resistance is set at $49,500

*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 16,.2021 - Potential for another drop