Bitcoin Technical Analysis December 3rd
Bitcoin (BTC) appears to be preparing for yet another breakout attempt. If successful, it confirms that the current adjustment has been completed.
BTC has been falling along with a descending resistance level since November 10th, having just hit a new all-time high of $ 69,000. So far, it hit a local low of $ 53,256 on November 28th. The price has since recovered.
The main area of resistance is at $ 59,350 created by both the horizontal resistance and the .382 fib retracement resistance. In addition, it coincides with the descending resistance line, which BTC rejected twice on November 30th and December 1st.
As long as the price trades below this resistance line, the uptrend remains unconfirmed. A break above this line confirms the correction is complete.
BTC / USDT 6-hour chart | Source: TradingView
The 30 minute chart is showing the horizontal support and the 0.5 fib level at $ 56,250.
As long as BTC is trading above this level, the short-term bullish structure remains intact and an eventual breakout attempt is likely.
BTC / USDT 30-minute frame | Source: TradingView
Long term movement
The daily chart remains bullish, largely due to the bullish candle drawn on November 28th.
First, the candle confirmed the $ 53,350 area of long-term support. This is both horizontal support and 0.5 fib retracement support.
Second, despite the short-term decline, the price is still in the range of this bullish candle. As can be seen on the 30-minute chart, BTC remains above the middle of the candle.
As long as the price is trading above this level, the trend can be described as bullish.
BTC / USDT daily chart | Source: TradingView
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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.