Bitcoin 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
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?
At the time of writing, BTC/USD is trading down just under 0.39% at its current price of $19,084. This marks a serious climb from its daily low of $18,968 set at the bottom of the decline. However, the coming few days may likely shine a light on Bitcoin’s outlook, as it is currently trading at a pivotal point. Therefore, any decline or rise from this level could determine its trend throughout the beginning of the next year.
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)
Looking at the 4-hour chart, the resistance at the $19,500 has been too heavy for the bulls to overcome as the price is now struggling in a consolidation mode, which has made the cryptocurrency to remain indecisive over the past few hours now. The resistance levels to watch are 20,000 and above.
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.