Bitcoin (BTCUSD) Price Hits Stretch Target – Analysis – 05-12-2023

Bitcoin (BTCUSD) price managed to touch our expected target at 42205.00 and found strong resistance there, showing some temporary downtrend, affected by the negativity of the stochastic index, and enjoying positive support continuation of the 50 moving average, strengthening the chances of crossing the mentioned level and paving the way for making additional gains reaching the areas of 44000.00 dollars.

Therefore, we continue to favor the uptrend for the coming period, being careful that a break of 41490.00 stops the expected rise and pushes the price to begin a short-term bearish correction.

The forecasted trading range for today is between support 41400.00 and resistance 42500.00