Bitcoin Price Prediction: BTC/USD Is in a Downward Correction, Fluctuates Between $17,600 and $18,600
Bitcoin (BTC) Price Prediction – December 11, 2020
Following the rejection from the $19,740 and $19,600 resistance zones, BTC/USD now struggles to sustain above $18,000. The recent fall of Bitcoin is not unconnected with the recovery of the U.S dollar. As the U.S. dollar rises, Gold and Bitcoin will drop. Another factor responsible for the Bitcoin drop is the heightened level of selling from miners.
Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000
As Bitcoin drops from the $20,000 resistance zone, the King coin now fluctuates between $17,600 and $18,600. After its rejection from the $20,000 resistance zone, Bitcoin fell to $17,930 low. The bulls buy the dips and push BTC to $18,600 high but could not penetrate the recent high. Buyers made three upward moves to retest or break the $18,600 resistance but to no avail. Consequently, BTC was rejected again at the $18,400 as the coin slumped to $17,685. The crypto price is now struggling to sustain above $18,000. Today, Bitcoin has moved up and is trading at $18,125 at the time of writing.`
Bitcoin (BTC) Indicator Reading
BTC price has broken below the bullish trend line. The implication is that this can bring a change in the trend.BTC is presently below the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The coin is at level 44 of the Relative Strength index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50.
Meanwhile, Bitcoin has been in a downward correction after the rejection from the $20,000 resistance zone. On December 9 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the coin will fall and reach level 1.618 Fibonacci extension. That is the king coin will reach a low of $16,675.30.