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08.12.202312:39 Forex-elemzések és áttekintések: Technical Analysis of BTC/USD for December 8, 2023

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Technical Analysis of BTC/USD: Bulls Retreat as Pull-Back Begins

Crypto Industry Insights

  • ETF Surge: Investment products in digital assets saw a significant $1.7 billion increase in the past nine weeks, spurred by anticipation of ETF emergence.
  • Inflows Snapshot: Bitcoin attracted over $1 billion last month, while Ethereum recorded a $126 million inflow, signaling a notable shift in sentiment.
  • Balanced Portfolios: Even small Bitcoin allocations positively impact risk-adjusted returns and diversification, offering valuable alternatives in investment portfolios.

Bullish Trends on BTC and ETH

  • Bitcoin Resilience: Despite a -4% dip following Binance's settlement, Bitcoin rebounded to $44,000, fueled by industry cleanup, Federal Reserve guidance, and imminent spot Bitcoin ETF approval.
  • Ethereum's Strength: Positive funding rates, high trading volume, and leverage contribute to Ethereum's optimistic outlook. Gas price increases impact deflationary characteristics, amplifying price movements.

Exchange Rates 08.12.2023 analysis

Technical Market Outlook

  • Bearish Doji Trigger: A Bearish Doji at the $44,517 swing high initiated a -3.75% pull-back, with a local low at $42,851. The market consolidates in a narrow intraday zone, anticipating US Non-Farm Payrolls data.
  • Key Levels: Intraday support at $42,851, with focus on the next level at $42,440. Resistance near $43,934. Short-term demand zone at $38,477 - $38,029. Bulls eye $48,200 as the next target.

Understanding Pivot Points

Pivot Points serve as crucial markers in technical analysis, aiding in the identification of potential trend reversals, support, and resistance levels in financial markets.

Key Levels for the Week:

  • WR3 (Resistance 3): $48,468
  • WR2 (Resistance 2): $43,348
  • WR1 (Resistance 1): $42,881
  • Weekly Pivot: $40,228
  • WS1 (Support 1): $38,761
  • WS2 (Support 2): $36,108
  • WS3 (Support 3): $31,989

Trading Outlook: Key Highlights

  • Bulls Eye $48,200: The primary focus for bulls is a target of $48,200, indicating the potential for a sustained long-term uptrend.
  • Critical Support Levels: The outlook remains positive as long as the critical level of $19,572 is not decisively violated.
  • Long-Term Technical Support: Essential long-term technical support is situated at $32,829 and $31,790, providing a foundation for market stability.

Useful Links

Important Reminder

The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.

Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.

#instaforex #analysis #sebastianseliga

Sebastian Seliga
Analytical expert of InstaForex
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