04.12.202310:37 Forex Analysis & Reviews: BTC update for December 04, 2023 - First upside objective has been reached, potential for the further rally

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical analysis:

BTC/USD has been trading upside as I expected and the market reached first projected upside objective at $40.350. Buyers are still in control and there is chance for the further rally.

Due to the strong breakout of the ascending triangle in the background and the buyers in control, there is the chance for the further rally towards next upside reference.

Upside objective is set at the price of $45.000

RSI oscillator is showing reading about 80 level, which is sign that market might be overextend with potential for the pullback.

Support level is set at the price of $38.500

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade