#BTCUSD Forex Signal: #Bitcoin Price Targets $45k as Momentum Continues (5 Dec 2023)

Posted by Clara Mellor on 03:46 with No comments

Bitcoin and other risky assets tend to do well when interest rates are falling. This explains why the coin has surged this year.

Bullish view

  • Buy the BTC/USD pair and set a take-profit at 45,000.
  • Add a stop-loss at 40,000.
  • Timeline: 1-3 days.

Bearish view

  • Set a sell-stop at 41,000 and a take-profit at 40,000.
  • Add a stop-loss at 42,000.

Bitcoin continued to supercharge on Tuesday morning as demand for the coin continued. The BTC/USD pair surged to a high of 42,100, its highest point since April 2022. It has soared by more than 172% from its lowest point since November last year.

Federal Reserve and SEC

Bitcoin has been in a strong uptrend, helped by the Federal Reserve and the Securities and Exchange Commission (SEC). Most economists believe that the Fed will start easing its tight monetary policy in the coming months.

BTC/USD technical analysis

The BTC/USD pair has been in a strong uptrend in the past few months. It has moved above the key resistance levels at 40,000 and 41,000. On the daily chart, the pair remains above the 50-day and 100-day moving averages. It formed a golden cross when the 200-day and 50-day moving averages crossover.

The Average Directional Index (ADX) has retreated but it remains above 40. Therefore, the outlook for the BTC/USD pair is bullish, with the next level to watch will be at 45,000.



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