Bitcoin (BTC) Long-term Price Analysis – December 16

Azeez Mustapha
  • The 14-day SMA is currently under the $3,600 and under the 50-day SMA.
  • Bitcoin’s price may possibly face consolidation movements during the next few trading sessions, around the $3,200 mark.

BTCUSD Long-term Trend – Bearish

Distribution territories: $5,500, $6,500, $7,500

Accumulation territories: $2,500, $2,000, $1,500

The price of Bitcoin against the US dollar has been pressured down over the past few weeks. The cryptocurrency saw double top shadow Japanese candlesticks between December 9 and 10 at the $3,600 mark, signaling the bulls weren’t able to push any further.

Bitcoin, BTCUSD, Cryptocompare chartBitcoin Chart by TradingView

Currently, a bullish candle seen on November 23 is the last time BTC’s bulls attempted to move the cryptocurrency’s price up in a significant way. The bears, however, prevailed once BTC got to the 14-day SMA the next day. The 14-day SMA is currently under the $3,600 and under the 50-day SMA.

The Stochastic Oscillators are pointing south within the oversold zone. Bitcoin’s price may possibly face consolidation movements during the next few trading sessions, around the $3,200 mark. These movements could see the bears gain strength to progress further.

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