Key Highlights
BTCUSD Hit an all-time high at $69000 in Nov and showed a massive sell-off.
It is holding above 55-W EMA and hovering around $50000.
BTCUSD was one of its best performers this year and surged more than 130% from a close of $28992 the previous year. During the second quarter of 2021 Bitcoin slumped drastically to $28600 on the Chinese Bitcoin mining ban.
Major support - $47500 (200- day MA). Any daily close below will drag the pair down to $41950/$39500. Minor bearish continuation will happen if it breaks $39500. A dip to $33500/$28000 is possible.
Short-term trend reversal may happen if Bitcoin closes above $52000. A jump to $54500/ $60000/$69000 (An all-time high) is possible.
Indicators (Monthly chart)
Average Directional index- Neutral
CCI (50)- Bullish
Resistance
R1- $52000
R2- $54550
R3- $59000
Support
S1- $39500
S2- $33000
S3- $28000
It is good to buy on dips around $35000 with SL around $28000 for TP of $69000.
