01.12.202215:25 Forex Analysis & Reviews: Short-term technical analysis on Bitcoin for December 1st, 2022.

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Green lines- Fibonacci retracement levels

Red lines- equal size advances

Bitcoin has started December trading on a positive note as price is starting to form higher highs and higher lows on an intraday level. Price has broken above the 23.6% Fibonacci retracement level resistance. This is not a very important resistance level by itself, but the fact that price was moving sideways for the last couple of weeks, makes it worth noting. So far price has made an equal rise similar to the first upward move from the $15,477 low on November 21st. The RSI in the 4 hour chart has reached overbought levels. Next major short-term resistance is at $17,791 where we find the 38% retracement level. As long as price is above $16,000 we expect to see price reach the 38% level and why not higher.

Alexandros Yfantis
Analytical expert of InstaForex
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