Bitcoin (BTC) Price Analysis – December 28

  • The BTC price ranges above the $3,700 price level.
  • If the bears break the $3,700 price level, the crypto will find support at the $3,400 and $3,200 price levels.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $3,500, $3,300, $3,100

The BTCUSD pair was in a bearish trend as price broke the 12-day EMA and the 26-day EMA to the downside. The crypto's price fell to the low of $3,730.40 and it is trading below the EMAs which is the bearish trend zone. The price of Bitcoin is now ranging above the $3,700 price level.

However, if the bears break below the $3,700 price level, the crypto will find support at  the $3,400 and $3,200 price levels. Meanwhile, the Stochastic indicator is out from the overbought region but below the 60% range. This indicates that the price of Bitcoin is in a bearish momentum and a sell signal.

BTCUSD Short-term Trend: Bearish  

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View     

On the 4-hour chart, the crypto's price is in a bearish trend. On December 27, the BTC price fell to the low of $3,730.40 and commenced a range bound movement above that price level. In this time frame, the stochastic indicator is in the oversold region but below the 20 % range. In this case, Bitcoin is in a strong bearish momentum and a sell signal.

Also, the crypto's price is below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall.

 

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