FX.co - BTC update for December 12, 2023 - Potential for the further drop

12 December 2023 at 8:18AM (UTC+0)

Relevance until13 December 2023 at 8:18AM (UTC+0)

Technical analysis:

BTC update for December 12, 2023 - Potential for the further drop

BTC/USD has been in the downside condition and I found potential for the further downside continuation.

Due to the downside momentum and the RSI negative reversal, I see potential for the further drop towards lower references.

Downside objectives are set at the price of $40.480 and $38.635

RSI oscillator is showing negative reversal and the reading around 50 level, whic is sign that we have downside pressure and trend.

Intraday resistance is set at the price of $42.500

*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 update for December 12, 2023 - Potential for the further drop