19:29Bitcoin Price Prediction: BTC/USD Likely To See Further Downside after Price Fails to Break $20,000
Bitcoin (BTC) Price Prediction – December 6
The first digital asset has been facing some immense selling pressure as of late, with the resistance found within the $19,000 level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $21,000, $21,200, $21,400
Support Levels: $17,500, $17,300, $17,100
BTCUSD – Daily Chart
BTC/USD has been struggling to maintain its uptrend, with the selling pressure found within the upper $19,000 region which is stopping it from seeing any major gains throughout the past few days. Meanwhile, traders are not surprised with the selling pressure as bears are trying to defend against a break above the cryptocurrency’s all-time highs. However, until bulls break above this level, the king coin may likely face a prolonged sideways movement.
What is the Next Direction for Bitcoin?
BTC/USD is currently pushing above the 9-day and 21-day moving averages, with bulls moving to erase the losses that came about at the early hour of today’s trading. Furthermore, any bullish movement above the moving averages may push the price to the resistance level of $21,000, $21,200, and $21,400 while the supports are located at $17,500, $17,300, and $17,100 as the technical indicator remains around the 60-level.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
BTCUSD – 4 Hour Chart
Nevertheless, the coin is still roaming around $19,055 as bears are pushing the price below the moving averages. Meanwhile, the $18,200 and below may come into play as the technical indicator moves below 55-level.
|Total comments: 0|
|Aave and Chainlink hit new highs as Bitcoin price fights to hold $32K (0)|
|China’s bitcoin miners hit by global chip shortage (0)|
|Crypto exchange OKCoin to Integrate with Bitcoin Lightning Network (0)|
|Ethereum Could See an Explosive Move Higher Following Massive 20% Surge (0)|
|Bitcoin in Your Pocket: Best Crypto Mobile Wallets of 2021 (0)|
|Bitcoin suffers worst week in months amid regulation fears (0)|
|Harvard crypto skeptic calls Bitcoin a ‘hedge against dystopia’ (0)|
|Amid blackouts and police raids, Iran weighs benefits of Bitcoin mining (0)|
|MicroStrategy CEO: “Avalanche of Money to Flow from Institutions & Corporations into Bitcoin” (0)|
|Montana County to Hold Public Hearings on Zoning Rules for Crypto Miners Amid Growing Complaintsv (0)|