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BTCUSD Weekly Outlook and Bitcoin Fundamentals, 3rd December 2021

BTCUSD Forecast and Fundamentals for BTC


The news from MicroStrategy about bitcoin becoming a $100 Trillion Asset class is an encouragement for the Indian forex brokers because the bitcoin surge has been boosted through Institutions buying bitcoin and others investing in it.

Let’s proceed to identify the technical levels and chart patterns that hint at the long-awaited Bitcoin BTC Super-Cycle.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD monthly chart - 2nd Dec 2021

Monthly Resistance Levels: 69511, 67017, 67560, 80000

Monthly Support Levels:   52620, 61000

The BTCUSD pair saw another rejection from the ATH zones as the price failed to close higher than the zones. If the Bears can continue the push, we may the December candle closes lower than the November candle if the monthly chart wants to create a double top pattern for a reversal pattern that will take the price down.

If the Bulls can push back the price of BTCUSD from the close of the November candle the bullish trend may continue if the price can create a new high on the monthly chart.

Weekly Chart

BTCUSD weekly chart - 2nd dec 2021

Weekly Resistance Levels: 67015, 69175

Weekly Support Levels:  39571, 56426, 53110

The weekly time frame shows that the momentum wants to shift to the downside as we can see that the bears were able to push the BTCUSD pair down some weeks ago with a bearish engulfing pattern.

If the bears can take out the low of the 53110 zones, we shall see a continuation of the downtrend, and the price may drop to the 39571 level of support.

As we shall be entering a new month, the support area may retest the highs of 67015 for either a breakout above or to reject the price of bitcoin before we see another sell offers.

The new week and new month will be a time to watch the cryptocurrencies because the volatility may come with a higher risk to the Indian broker.


Daily Chart

Daily Resistance Levels:  69170, 67015, 59510 

Daily Support Levels: 52510, 53110 

The BTCUSD pair on the daily time frame is having consolidation of price around the resistance level of 59510 and the support level of 53110. A breakout is what is needed on the time frame for Indian brokers and other cryptocurrency trades to open a position.

If the price breakout above the next resistance level of 69170 will be the target but if it closes lower than 53110, the price will find a new support level.

was able to hold its support level around the 61000 dollar mark while it was consolidating. Bulls took control of the market and engulfed the other candlesticks indicating their dominance in the market.

Bullish Scenario:

Bulls needs a close above the recent high of 59510 on the daily time frame for us to have a bullish scenario that will take the BTCUSD price higher.

Bearish Scenario:

However, on the daily chart, the short position traders will need to take out the low of 53110 for them to see the price continue in their direction.

Bitcoin BTC News Events

Metaverse is Up while Memecoins are nose-diving.

The bitcoin strength has been slowed down after the market rejected the price around the $60000 and made it consolidate around the $57500 levels. Gaming tokens such as MANA and SAND produced significant results while some larger-cap altcoins had lower significance in the market.

Some months ago, we saw how the news about Shiba Inu and Dogecoin were loud and how those coins were been engaged, but the Meme coins are down now because users’ demand is low and the price has fallen lower. Solana has lost about 7% of its gain to just a little over $200

However, the Metaverse coin is on the rise as it is the new mania on board. The gaming token is on the rise as MANA is up by 25% and SAND is also having a rise with 14%. 

Croatia’s largest Super Market is now accepting Bitcoin and other top Cryptocurrencies’. Konzum is one of the largest Supermarkets in Croatia and it has been existing since 1957. The Supermarket opened an online store for its clients and also welcomed the online payment options by introducing cryptocurrencies among other payments options. The management also plans to introduce the option in the physical stores throughout the country and will begin with 60 locations before introducing the payment options to the other store of over 500 of all sizes throughout Croatia.

Conclusion and Projection

The Indian brokers will be watching the market’s reactions as it is entering a new month and it’s the last month of the year. Without clear direction, the BTCUSD pair will be ranging.

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