empty
08.12.2023 12:39 PM
Technical Analysis of BTC/USD for December 8, 2023

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.

This image is no longer relevant

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

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Thursday June 05, 2025.

On the 4-hour chart of the Litecoin cryptocurrency, there is an appearance of a Descending Broadening Wedge pattern which indicates that there will be a strengthening in the near future

Arief Makmur 09:53 2025-06-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 5

Bitcoin is struggling to reach $106,000 less frequently and is dropping toward $104,000 more often, which is a rather concerning short-term signal. Sooner or later, this pattern could lead

Miroslaw Bawulski 09:20 2025-06-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 4

Bitcoin and Ethereum keep trying to break through key resistance levels but continue to face the same obstacle. On one hand, this suggests a cautious approach by major market players

Miroslaw Bawulski 09:19 2025-06-04 UTC+2

The Correlation Between BTC and Global M2 Liquidity Remains High

Bitcoin still cannot firmly hold above the $106,000 level, which raises certain concerns. While other altcoins and tokens have been performing much better, at least in recent days, the fact

Jakub Novak 09:17 2025-06-04 UTC+2

BTC/USD Analysis on June 4, 2025

The wave pattern on the 4-hour chart for BTC/USD has become more complex. We observed a corrective downward structure that completed its formation around the $75,000 level. After that

Chin Zhao 09:10 2025-06-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 3

Bitcoin and Ether surged strongly during Asian trading, although yesterday ended on a somewhat downbeat note. However, despite the rapid strengthening of these assets, Bitcoin once again failed to maintain

Miroslaw Bawulski 08:51 2025-06-03 UTC+2

Bitcoin's technical outlook appears promising

Bitcoin appears to have found a bottom near $104,000 and is currently trading around $104,500 in early June. It is evident that the cryptocurrency is positioned at a psychological

Jakub Novak 12:36 2025-06-02 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 2

Despite the corrections at the end of last week, Bitcoin and Ethereum are once again showing upward momentum, although Ethereum is lagging behind. Experts from the banking group also point

Miroslaw Bawulski 09:45 2025-06-02 UTC+2

Bitcoin Forecast for June 2, 2025

Bitcoin Over the weekend, Bitcoin formed a reversal from the supports at the target level of 102,698 and the embedded green price channel line. If today's candlestick closes in white

Laurie Bailey 04:30 2025-06-02 UTC+2

Crypto investors still overwhelmed by optimism

Despite the ongoing correction, investor sentiment toward buying crypto assets remains positive, as indicated by the so-called Fear & Greed Index, which, as we noted earlier, is still

Jurij Tolin 16:24 2025-05-30 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.