Bitcoin Price Prediction December 9
As the daily chart shows, the Bitcoin price prediction now centers on downtrends since the short-term uptrend in the crypto market seems to be over.
BTC/USD Long-term Trend Bearish (Daily chart)
Key levels: Resistance Levels - $55,000, $57,000 and $59,000 Support Levels : $44,000, $42,000, $40,000
Daily Chart - BTCUSD
Buy Bitcoin Now BTC/USD drops below $50,500, prompting widespread profit-taking in the crypto market. At the time of writing, the number-one crypto just broke below $48,000, which is dragging down the rest of crypto market. Are we heading for another bull-run in the crypto market, or is this a healthy and necessary correction on the way to new heights? Is this a major rejection to the bear market's troughs?
Bitcoin Price Prediction: Bitcoin(BTC) may keep the downtrends
The Bitcoin price is currently heading south, with the coin poised to cross the lower border of the channel. The local support could be found around $46,000. The new low of $45,000 could be possible once it is gone. This barrier, reinforced by the lower border of the channel, is expected to slow sellers and initiate the recovery. If BTC/USD fails to rise above the 9-day or 21-day moving averages, it could trigger a bullish reaction.
Initial support is located at the $45,000-level below the channel. The market price may fall below $44,000, $42,000 and $40,000 levels if there is a downside breakout below this support. Technical indicator Relative Strength Index (14) could also drop below 20-level. To trigger a bullish reaction BTC/USD must break above the moving averages in order to reach the resistance levels of $55,000, $57,000 and $59,000.
BTC/USD Medium-Term Trend (4H Chart).
The 4-hour price chart shows that the market is experiencing a lot of bearish supply. It's also evident that the bulls can't defend the $47,000 support. If BTC breaks this support, then the $44,000 support level or below could be in play.
BTCUSD 4 Hour Chart
If the Bitcoin bulls are able to repower the market traders can expect a retest at the $11,600 resistance level. Breaking the resistance mentioned could allow bulls to test the $51,000 mark and higher. The technical indicator Relative Strength Index (14) signals a line that is free from falls to 34-level. This suggests bearish signals.
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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Falls Back Below $11,500 Following Rejection
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-falls-back-below-11500-following-rejection
Published Date: Thu, 09 Dec 2021 20:58:05 +0000
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