Bitcoin Technical Analysis December 1st

Bitcoin (BTC) is currently attempting a breakout above the horizontal and diagonal resistance. This confirms that the customization is complete.

Monthly outlook

Although BTC hit a new all-time high of $ 69,000 on November 10, BTC closed November with a slight decline. The closing price of $ 56,974 was $ 4,500 below the opening price.

In addition, the technical indicators offer a mixed outlook.

The MACD, which is made up of the short and long-term moving averages (MAs), is rising and is in positive territory. This means that the short-term MA is increasing faster than the long-term MA. This is a good sign of an uptrend.

However, the RSI, a momentum indicator, has created bearish divergence (green line). This is a bearish sign that often anticipates a downward trend reversal.

BTC / USDT monthly chart | Source: TradingView

Short term resistance

The six-hour chart shows that BTC has been moving along a descending resistance line since the November 10th all-time high mentioned above.

This line also coincides with the resistance at $ 59,350, which is both a horizontal resistance area and a 0.382 fib retracement resistance (white). This horizontal resistance rejected the price and pushed the price back below the descending resistance line.

A breakout above these levels will confirm that the short-term correction has completed, allowing BTC to move to new highs.

BTC / USDT 6-hour chart | Source: TradingView

On the 30-minute chart, BTC bounced off the horizontal support area at $ 56,200. This is also the 0.5 fib retracement support when measuring the most recent part of the upside move.

Below that, there is virtually no support to the November 28 low of $ 53.245.

With the wavenumber and long-term indicators also trending up, BTC is likely to make a higher low above this zone and eventually begin an upward move towards a new all-time high.

BTC / USDT 30-minute frame | Source: TradingView

You can see the bitcoin price Here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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