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An overview of the status of Bitcoin on 07/12/2023 – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.07548
• Second Key support level of EUR/USD: 1.07
• Third Key support level of EUR/USD: 1.0638
• First key resistance level of EUR/USD: 1.080426
• Second Key resistance level of EUR/USD: 1.088
• Third Key resistance level of EUR/USD: 1.10056

• First key support level of USD/CHF: 0.872871
• Second Key support level of USD/CHF: 0.866613
• Third Key support level of USD/CHF: 0.855269
• First key resistance level of USD/CHF: 0.87711
• Second Key resistance level of USD/CHF: 0.88000
• Third Key resistance level of USD/CHF: 0.88197

• First key support level of GBP/USD: 1.25447
• Second Key support level of GBP/USD: 1.25000
• Third Key support level of GBP/USD: 1.23800
• First key resistance level of GBP/USD: 1.26067
• Second Key resistance level of GBP/USD: 1.26445
• Third Key resistance level of GBP/USD: 1.27197

• First key support level of USD/JPY: 144.52
• Second Key support level of USD/JPY: 143
• Third Key support level of USD/JPY: 141
• First key resistance level of USD/JPY: 145.000
• Second Key resistance level of USD/JPY: 146.2
• Third Key resistance level of USD/JPY: 147.42

 

An overview of the status of Bitcoin on 07/12/2023

 

As previously analysed on September 14, 2023, the potential rise of Bitcoin’s price came to fruition as buyers increased and achieved their targets. Buyers have gained market control over the past three months, raising hopes of a price hike.

The price has risen significantly and reached a new high of $44,542.

Based on the type of price movements formed, there is no clear and transparent reason for price reduction in long-term intervals, such as monthly and weekly.

If the price loses the $44,542 resistance level, it may rise to reach the $45,000 resistance level. A more intense form could take up to $48,000.(Caution for sellers with medium-term trades)

In short-term intervals, such as daily, the price stopped climbing after reaching the resistance level of 50% of the Fibo Nachi. (from the price ceiling of $69,000 to the price floor of $15,500).

This price stop indicates the exit of some buyers and the liquidation of their transactions at the 50% Fibonacci level.

The formation of the Spinning top candlestick pattern has announced the first weak warning (for more attention, it needs the confirmation of a bearish candle) to reduce the buying pressure. Due to oversold prices in the daily and 4-hour time frames, there is potential for a price correction. The price is expected to have an upward trend in the following candles. In case more sellers enter, there are two critical support levels at $42170 and $41500.

 

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