Bitcoin (BTC) Price Prediction – December 7, 2020
The upside range between $18,500 and $19.740 has continued in the last 24 hours as the bears continued to defend the resistance zones. The market has appeared to have stabilized on the upside range. The bulls have continued to sustain the price level above the $18,500 support .
Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000
Today, BTC/USD price rises to $19,600 and was repelled. The king coin is falling to the support at $18,500. The bears have been defending the $19,600 to $20,000 resistance zone. This has paralyzed the recent upward move. The bulls will regain control once Bitcoin rises above $19,740 resistance. Then the next price level will be the $20,000 price level.
However, if the bulls fail to seize this opportunity, the bearish scenario will follow. Sellers may want to break the $18,500 support. Once the bears succeed in breaking the critical support, the downtrend will resume. In the meantime, the BTC price level appears to have stabilized in the current price range of $18,500 and $19,740
Bitcoin (BTC) Indicator Reading
The price action is characterized by small body candlesticks called Doji and Spinning tops. The 21-day SMA and 50-day SMA are pointing northward indicating that the coin is in a strong uptrend. The 21-day SMA is the support level for Bitcoin. Bitcoin is at level 62 of the Relative Strength Index. It indicates that the coin is in the uptrend zone but above the centerline 50.
Meanwhile, Bitcoin is presently stuck below the $19.740 price level. On November 30 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the coin will rise and reverse at level 1.272 Fibonacci extensions. In other words, Bitcoin will reach a high of $20,957.50 and reverse. The crypto will reverse and return to the 78.6% Fibonacci retracement where it originated.