Bitcoin Price Prediction – December 18
The Bitcoin price rebounds from the early dip at $45,515 as the buying interest may increase on approach to $48,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $50,000, $52,000, $54,000
Support Levels: $42,000, $40,000, $38,000
BTC/USD is moving bearishly as the market establishes a bullish movement towards the 9-day moving average but currently rebounding to retest previous resistance at $47,000. The buyers may continue to look for some resistance levels if it crosses above the 9-day MA and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.
In the past few hours, after the Bitcoin price touches the daily low of $45,515, the king coin is now facing the resistance level of $47,000 and looking forward to reclaiming the resistance level of $48,000. However, the daily chart reveals that if the 9-day moving average remains below the 21-day moving average, this may confirm the next direction that the coin will follow. Therefore, BTC/USD may decline if the $46,000 support breaks down but the price could rise if the $48,000 resistance is reached.
At the time of writing, the technical indicator Relative Strength Index (14) may likely cross above 40-level to indicate a bullish movement. Therefore, if the Bitcoin price crosses above the 9-day and 21-day moving averages, it could hit the resistance levels of $50,000, $52,000, and $54,000 but any movement below lower boundary could hit the supports at $42,000, $40,000, and $38,000.
BTC/USD Medium-Term Trend: Bearish(4H Chart)
According to the 4-hour chart, the Bitcoin price is seen sliding within the 9-day and 21-day moving averages as the technical indicator Relative Strength Index remains below 50-level. From above, if the Bitcoin price moves above the 9-day and 21-day moving averages, the bullish influence could spike and the accrued gains massively.
However, the current candle could fail and move towards the lower boundary of the channel and the ultimate target could be at $46,000 and below but the best the bulls can do is to hold above the resistance level of $47,000 and keep their attention on breaking the potential resistance at $48,000 and above.
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