Bitcoin (BTC) Price Analysis – December 17

  • The crypto fell to the $3,200 price level but recover at the $3,300 price level.
  • If the bears break below the $3,200 price level, Bitcoin will find support at $3,000 price level.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $3,200, $3,000, $2,800

In the last one week, the price of Bitcoin had been in the bearish trend zone. The crypto's price had been ranging between the levels of $3,200 and the $3,400. The price of Bitcoin was ranging between the levels of $3,400 and $3,600 before the $3,400 price level was broken.

In the current range-bound movement the $3,200 price level is expected to be broken. The reason for its fall is because the BTC price is below the 12-day EMA and the 26-day EMA. In addition, the Stochastic indicator appears to be in the oversold region below the 20% range. This also confirms that Bitcoin has a bearish momentum and a sell signal.

BTCUSD Short-term Trend: Ranging   

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View     

On the 4-hour chart, the crypto's price is in a sideways trend. The BTC price had been fluctuating below the 12-day  EMA and the 26-day EMA. On December 13, the bears broke the 12-day EMA , the 26-day EMA and fell in a downward trend.  On December 15, the crypto fell to the $3,200 price level but price pulled back to its previous high at $3,300.

The crypto price is expected to fall because it is in the bearish trend zone. If the bears break below the $3,200 price level, Bitcoin will find support at $3,000 price level.  Meanwhile, the Relative Strength Index period 14 is level 49 which indicates that the price is in the sideways trend zone.                                                                                                                                                                                                                                                                                                                                                                       

 

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