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
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.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
