Bitcoin (BTC) Price Analysis – December 31

  • The crypto's price had been testing the $3900 and $4000 price levels in the last 3 days.
  •  If more buyers come in at the $3900 price level, the bulls will break the $4,000 price level.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $3,800, $3,600, $3,400 

Last week, the price of Bitcoin was in the bullish trend zone. On December 24, the crypto was trading above the $4,000 price level. On December 27, the BTC price fell to the low of $3,712 after facing resistance at the $4,000 price level. In the last three day, the crypto's price has been testing the $3900 and $4000 price levels by the bulls.

Presently, the price of Bitcoin is ranging at the $3,900 price level. The 12-day EMA and the 26-day EMA are horizontally flat indicating the sideways trend. The small body candlesticks like the Doji and the spinning tops are describing the indecision of buyers and sellers at the $3,900 price level.

If we have more buyers coming in at that price level, the crypto will break the $4,000 price level and reach the highs of $4,200 and $4,400 price levels. Meanwhile, the stochastic indicator is below the 60% range indicating that Bitcoin is in a bearish momentum.

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. Since December 28, the crypto's price had been fluctuating below and above the 12-day EMA and the 26-day EMA indicating a sideways trend. The 12-day EMA and the 26-day EMA are horizontally flat also indicating a sideways trend.

Meanwhile, the stochastic indicator is approaching the 40% range indicating that Bitcoin is in a bearish momentum.

 

 

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