Bitcoin Price Prediction: BTC/USD May Consolidate Around $48,000

    Bitcoin Price Prediction – December 22

    Today, the Bitcoin price loses traction after hitting $49,595; losses likely to continue in the near term.

    BTC/USD Long-term Trend: Bearish (Daily Chart)

    Key levels:

    Resistance Levels: $54,000, $56,000, $58,000

    Support Levels: $45,000, $43,000, $41,000

    Bitcoin Price Prediction

    BTCUSD – Daily Chart

    Looking at the daily chart, it can be easily seen that the market is likely to come back in the red zone as BTC/USD is posting minor losses of 0.17% on the day after commencing the trading at $48,914. It has an intraday high of $49,595; although the world’s largest crypto touches the support level of $48,450 before going back to where it is currently trading at $48,831.

    Bitcoin Price Prediction: What Could be the Next Direction for BTC/USD?

    According to the daily chart, the Bitcoin price is making an attempt to plunge below $48,000 one more time, marking $48,450 as the current daily low at the moment. Does this mean that Bitcoin (BTC) could not touch the vital resistance level of $50,000 and searching for a new low? Looking at the declining daily volume candle, together with the steady but stable recent Bitcoin price action, it can be assumed that a stronger move may be coming into the market soon.

    At the time of writing, BTC/USD is struggling to maintain the $48,800 level as the coin could follow sideways movement as the technical indicator Relative Strength Index (14) may move in the same direction above 40-level, the next supports may likely come at $45,000, $43,000 and $41,000. From the upside, by keeping the Bitcoin price above the 9-day and 21-day moving averages, any bullish movement could go towards the upper boundary of the ascending channel to hit the resistance levels of $54,000, $56,000, and $58,000 which will be very close to the channel.

    BTC/USD Medium-Term Trend: Ranging (4H Chart)

    On the 4-Hour chart, BTC price hovers below the 9-day moving average around $48,800 which may take time to persistently trade above $49,000. However, if the bulls gather enough strength and regroup, the king coin may likely hit the resistance level of $50,000 and above.

    BTCUSD – 4 Hour Chart

    However, on the downside, immediate support could be located below the 9-day moving average. The price may likely fall below $48,000 if the bears step back into the market, a further movement could reach the critical support at $47,500 and below. At the moment, BTC/USD is still moving in sideways while the Relative Strength Index (14) moves to cross below 60-level, indicating an indecisive in the market movement.

    Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

    68% of retail investor accounts lose money when trading CFDs with this provider

    Read more:



    Stay in the Loop

    Get the montlhy email from Biz Builder Mike that makes reading the news actually enjoyable.
    Join our mailing list Stay in the loop and stay informed and it's FREE

    Latest stories

    - Advertisement - spot_img

    You might also like...