Bitcoin Price Prediction – December 16
The Bitcoin price prediction may continue to spread the bearish move below $47,000 after numerous attempts to hold gains above $49,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $54,000, $56,000, $58,000
Support Levels: $43,000, $41,000, $39,000
BTC/USD falls below $49,459 as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $49,000 following a significant breakout in the last few days. Meanwhile, the bearish movement is seen across the market today, with other major cryptos experiencing similar losses trading below the 9-day and 21-day moving averages.
The Bitcoin price is trading at $47,942 with an intraday loss of 1.93% as the prevailing trend is likely to follow the bearish movement. At the moment, Bitcoin (BTC) is consolidating within the channel and a breakout of this pattern in the direction of the previous trend is expected to continue. In the meantime, BTC/USD is expected to fall towards the lower boundary of the channel which may likely hit the critical support levels at $43,000, $41,000, and $39,000.
However, if the Bitcoin price stays above the moving averages; the price could rise to $50,000 vital resistance while a further bullish drive could take the coin to the resistance levels of $54,000, $56,000, and $58,000 respectively. Moreover, the technical indicator Relative Strength Index (14) is currently moving below 40-level, which shows a possible bearish momentum may play out.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
As the market opens today, the Bitcoin price touches the daily low of $47,931, but now hovering around $48,269. Should the price drop below the 9-day and 21-day moving averages; it could hit the next level of support at $47,000 and below.
However, should the bulls push the coin above the upper boundary of the channel, the Bitcoin price could hit the potential resistance level of $49,000 and above. For now, the market may continue to experience a downtrend as the technical indicator Relative Strength Index (14) stays below 50-level.
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