#BTCUSD #Forexsignal: #Bitcoin Has More Upside as #FOMO Intensifies (7 Dec 2023)

Posted by Clara Mellor on 22:08 with No comments

The BTC/USD pair has been in a strong uptrend in the past few months.

Bullish view

  • Buy the BTC/USD pair and set a take-profit at 26,000.
  • Add a stop-loss at 42,000.
  • Timeline: 1-2 days.

Bearish view

  • Set a sell-stop at 43,000 and a take-profit at 42,000.
  • Add a stop-loss at 45,000.

Bitcoin price is hovering near its highest level since April 2022 as the Fear of Missing Out (FOMO) in the crypto industry continued. The BTC/USD pair rose to the important resistance point of 45,000 on Wednesday. It has surged by over 184% from the lowest level in December 2022 following the collapse of FTX.

FOMO continues

The BTC/USD pair has been in a strong uptrend, helped by the FOMO among investors. In most periods, a surge of Bitcoin price usually leads to more upside as investors attempt to join the rally. This explains why most altcoins have been in a strong rally.

BTC/USD technical analysis

The BTC/USD pair has been in a strong uptrend in the past few months. On the daily chart, it has moved above the 50-day moving average. This is a sign that bulls are in control. At the same time, the Stochastic Oscillator has moved to the overbought level. The MACD indicator and the histogram have moved to the neutral point.

Further, the Average Directional Index (ADX) has continued rising. Therefore, the outlook for the pair is bullish, with the next price to watch being at 46,000. The stop-loss of this trade is at 42,000.



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