After the sudden drop on December 4, BTC has entered a constant recovery phase. Altcoins also follow the flagship cryptocurrency. Bitcoin is likely to continue to recover from the loss of more than 30%, only if it consolidates above the psychological level of $ 50,000.
At the beginning of the American session, it is trading at 49,107. This represents a negative signal. If the crypto carries on trading below the 200 EMA and below 0/8 of Murray, more falls are expected in the next few days.
The short-term resistance barrier that BTC wants to test at 55,201, (21 SMA) remains the target for the bulls. If Bitcoin trades above 50,200 in the next few hours, we will have an opportunity to buy with targets at 55,200 and up to 1/8 of a Murray at 56,250.
If BTC breaks above the 55,200 level, it could again reach the psychological level of 60,000 and climb up to the all-time high of 68,962. On the contrary, as long as it remains below the 21 SMA and the 200 EMA, the crypto is expected to decline to -1/8 Murray at 43,750 and down to the psychological level of 40,000.
The eagle indicator touched the extremely oversold level around 5 points. Therefore, Bitcoin is expected to continue the technical rebound and may reach the resistance of 56,250 in a few coming days.
Support and Resistance Levels for December 08 - 09, 2021
Resistance (3) 53,365
Resistance (2) 52,621
Resistance (1) 50,773
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Support (1) 48,924
Support (2) 47,827
Support (3) 43,750
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A trading tip for BTC on December 08 - 09, 2021
Buy above 50,500 (200 EMA) with take profit at 55,201 (21 SMA) and 56,250 (1/8), stop loss below 49,100.
The material has been provided by InstaForex Company - www.instaforex.com