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BTCUSD Technical Analysis – December-15-2023

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FxNews BTCUSD technical analysis – Bitcoin is currently positioned near the central line of its bullish flag pattern. This median line plays a crucial role in determining its next move. According to the BTCUSD 4-hour chart, the weekly pivot point is at $45,925. Meanwhile, the RSI (Relative Strength Index) isn’t offering a clear direction at the moment. It’s fluctuating around the midline, leaving the market’s next trend somewhat uncertain.

BTCUSD Technical Analysis

BTCUSD Technical Analysis – 4H Chart

Should Bitcoin manage to maintain its position above the pivot point, there’s a good chance the upward trend will persist. In this case, the next target for bullish traders would be the R1 resistance level, situated near $45,867. Conversely, if Bitcoin falls below the pivot, which seems plausible given the current candlestick patterns, it could signal a bearish turn. The next target in such a scenario would be the S1 support level, around $40,851.

  • 15 December 2023
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