BTC/USD Remains Bearish Below $47,500


Bitcoin Price Prediction – December 29

The Bitcoin worth prediction reveals that BTC retains extending the bearish motion beneath $47,000 after quite a few trials to maintain beneficial properties.

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

Key ranges:

Resistance Levels: $52,000, $54,000, $56,000

Support Levels: $43,000, $41,000, $39,000

BTCUSD – Daily Chart

BTC/USD falls towards $46,000 in the present day as the biggest cryptocurrency launched into a help smashing train touching the day by day low of $46,596 following a severe breakdown in the previous couple of days. However, the bearish management is seen throughout the crypto market with different digital belongings posting comparable losses.

Bitcoin Price Prediction: Bitcoin (BTC) Ready to Add More Pains

The Bitcoin worth is hovering at $47,159 with an intraday lack of 0.81% because the prevailing development is bearish. The first digital asset is more likely to consolidate in a bearish flag sample whereas a breakdown in direction of the decrease boundary of the channel might proceed within the route of the earlier development. In this case, BTC/USD is predicted to drop and keep beneath to hit the crucial help ranges at $43,000, $41,000, and $39,000.

However, ought to Bitcoin worth returns above the 9-day and 21-day transferring averages; the worth may rise to cross the higher boundary of the channel. Therefore, any additional bullish motion may lead the Bitcoin worth to the resistance ranges of $52,000, $54,000, and $56,000. On the opposite hand, the technical indicator Relative Strength Index (14) is revealing a steady bearish because the sign line strikes to cross beneath 40-level.

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

At the opening of the market in the present day, the Bitcoin worth stays beneath the 9-day and 21-day transferring averages, bringing its worth to commerce round $47,134 degree. In the meantime, if the worth continues to drop, crossing beneath the decrease boundary of the channel may attain the help degree at $45,500 and beneath.

BTCUSD – 4 Hour Chart

Moreover, if the bulls push the coin above the 9-day transferring averages, the Bitcoin worth may revisit the resistance degree of $49,000 and above. At the second, the market might proceed to expertise extra downtrends because the technical indicator Relative Strength Index (14) strikes into the oversold area.

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