Bitcoin: A Short-term Bullish Bounce Likely
Tickmill | Dec 15, 2021 04:02AM ET
Type: Bullish bounce
Key Levels: Resistance: $51,560.03, pivot: $46,911.28, support: $44,586.91
Preferred Case: Bitcoin is currently at the horizontal support level, we can expect the price to bounce from there in line with 78.6% Fibonacci projection towards 1st resistance in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is further supported by the RSI indicator where it is abiding by the ascending trendline.
Alternative Scenario: Alternatively, the price could move towards the 1st support in line with the 127.2% Fibonacci projection.
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