FxWirePro-BTCUSD Yearly Outlook

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.