Bitcoin Price Prediction – December 24
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $55,000, $57,000, $59,000
Support Levels: $47,000, $45,000, $43,000
BTC/USD is currently trading 0.75% higher on the day. BTC/USD opens the session at $50,842 and now adjusting upwards to the prevailing market value of $51,221. However, the current conditions imply that the price may remain above the 9-day and 21-day moving averages. Meanwhile, the technical indicator Relative Strength index (14) may continue to follow the upward trend.
At the time of writing, the Bitcoin price is currently hovering at $51,221. Meanwhile, looking at the market movement, there is likely that the market may experience a quick retracement or sell-off just after touching the crucial $52,000, and traders may see $50,000 being tested again before pushing higher.
On the downside, if the market decides to fall, the price of Bitcoin could fall below the 9-day and 21-day moving averages, and if that support fails to hold the sell-off, traders could see a further decline towards the support levels of $47,000, $45,000, and critically $43,000. All the same, any further bullish movement above the upper boundary of the channel may hit the resistance levels at $55,000, $57,000, and $59,000.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
On the 4-hour chart, we expect the coin to gain the lost momentum and hit the trade above $51,000. However, the volatility hovers, and the selling pressure still exists which could bring the coin below the 9-day and 21-day moving averages. Meanwhile, the $50,000 and below may come into play if BTC face the south.
However, if the buyers can reinforce and power the market, traders can expect a cross above the upper boundary of the channel, breaking this barrier may allow the bulls to reach the resistance level of $52,500 and above. Meanwhile, the technical indicator Relative Strength Index (14) is seen moving within the overbought region, suggesting sideways movement.
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